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10/11/2022 Market Analysis

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min

EURCAD

EURCAD is currently forming a series of higher highs and higher lows. This comes after the market bounced from the bottom of the bigger ascending channel which caused price to break above the descending channel as well as previous resistance zones now acting as support. This price action confirms bullish momentum. As such, traders are now long on EURCAD and anticipate the market to reach the supply zone around 1.36420. Any retracements or corrections will confirm more upside movements.

EURCHF

EURCHF is currently forming a bullish corrective structure. The market has broken above the descending channel as well as previous resistance zones which confirms bullish momentum. The structure formation that's currently developing indicates that a continuation to the upside is on the cards. As such, traders are looking for trading opportunities to the upside and are waiting for the 2nd low of the corrective structure to form.

GBPNZD

GBPNZD has fully confirmed a descending market as seen by the rejections around the 2.02000 and 2.0000 psychological zones as well as market structure. This price action created a head and shoulders formation. Furthermore, the market created a lower low and is currently forming a correction. According to this price action, traders have a bearish bias and are waiting for the market to complete the correction and possibly rally back to the trendline and the resistance zone before looking for trading opportunities to the downside.

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min
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