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08/11/2022 Market Analysis

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min

DXY (U.S DOLLAR INDEX)

(UPDATE) - In-line with the previous commentary on the DXY, the recent price action suggests that there's more bearish momentum in the market. The market is currently retracing and about to continue to the downside. This is also confirmed by the break and close below the previous support zone. Traders still anticipate DXY to drop down to 109.300 which will cause further weakness on the USD.

EURUSD

(UPDATE) - Inversely correlated to the DXY, EURUSD is currently forming a similar price action to the DXY. At the moment the market is forming a retracement after breaking above the previous resistance zones. The recent price action indicates that the continuation to the upside is on the cards. As such, traders are waiting for a break and close above the counter-trendline before looking for trading opportunities.

GOLD

(UPDATE) - Gold is currently forming a bullish continuation structure. This is the sort of price action that traders were anticipating confirming more upside momentum. This bias is further confirmed by the aggressive rejection at the bottom of the descending structure as well as the break above the previous resistance zone. As such, traders are bullish and looking for trading opportunities once the correction completes.

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min
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