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08/08/2022 Market Analysis

Authored by TD Markets
11.08.2022
Technical Analysis
0
2 min

AUDNZD

AUDNZD recently rejected the resistance zone around 1.11660. The bearish impulse wave broke below the ascending structure which further confirms the strength of the sellers. According to nature's theory and wave analysis, traders anticipate the market to continue the bearish momentum and have identified a bearish continuation structure. This will provide bearish trading opportunities.

USDCHF

(update) - USDCHF recently rejected the low around 0.95420 which was the 61.8 fib retracement of the bullish impulse wave and rallied up +100 pips. At the moment the market is trading around 0.96130 which is in between the resistance zone around 0.96560 and the support zone around 0.95420. Traders are still bullish and anticipate the market to confirm further bullish momentum by breaking the resistance zone before looking for more trading opportunities to the upside.

USDZAR

USDZAR has retraced 50% of the bullish impulse wave, formed a double bottom and broke above the descending trendline. The recent price action also suggests a possible inverted head and shoulders pattern which overall indicates US Dollar's strength against the ZAR. Traders are now looking for bullish trading opportunities once the market breaks above the neckline created around 16.87990.

Authored by TD Markets
11.08.2022
Technical Analysis
0
2 min
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