(update) - AUDNZD recently dropped +70 pips according to the last commentary. The market is currently in an impulsive phase to the downside. This further confirms to traders that the market is bearish and the recent continuation structure to downside will provide trading opportunities. Traders anticipate the market to create new lower lows.
USDCAD created a lower low and aggressively bounced to the upside. Recently the market broke above the previous high and is currently forming a bullish continuation structure. Traders anticipate a continuation to the upside and as such, will wait for the correction to complete before looking for trading opportunities.
GOLD recently rejected the top of the descending structure as well as the ascending inner channel and broke below the previous low. At the moment the market is forming a bearish continuation pattern. This will confirm further downside momentum and traders are now looking for bearish trading opportunities.