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14/11/2022 Market Analysis

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min

DXY

(UPDATE) - DXY dropped 3.95% the previous week which resulted in the ascending structure being broken to the downside. This price action also caused the market to break below the support zones around 109.300 and 108.470 and create a lower low. The previous week's CPI data also had an effect on the USD which became extremely bearish. As such, this confirms a bearish bias to traders. At the moment traders are looking at the possibilities of DXY retracing back to the resistance zone around 108.470 or even the supply zone around 109.500 before dropping.

EURCAD

(UPDATE) - EURCAD continued the bullish momentum and rallied up +1.04% to hit the target and complete the bullish setup. At the moment the market is trading above the previous structure high as well as the demand zone. Traders are already out of their long positions and are now waiting for a correction or possibly a retest of the demand zone before looking for more trading opportunities to the upside.

EURUSD

(UPDATE) - Inverse of the DXY price action; EURUSD aggressively rallied up from the demand zone and broke the resistance zone around 1.00700. This is also at the back of the previous CPI data that caused extreme weakness on the USD. Traders are now looking at the possibilities of a correction back to the demand zone before looking for trading opportunities to the upside.

Authored by TD Markets
16.11.2022
Technical Analysis
0
2 min
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