EURCAD has slightly changed the formation since the last commentary. Traders have identified a pattern developing which overall the market has to first break the previous low before pushing to the upside. The ascending trendline is still holding price and a support zone is also expected to hold price. Traders are now keeping a close eye on the support zone and trendline for a bullish reversal.
GBPCHF has rejected the resistance zone that developed on the daily timeframe. The structure has since been broken to the downside as a confirmation of a possible change in direction. Traders are anticipating the market to reject the supply zone and drop back to the previous low.
Natural Gas has been in a strong bullish trend. Since there is a change of season in the Northern Hemisphere, the market has already reacted to this as the demand for Gas has already increased. As such traders are anticipating the bullish momentum to continue for the next couple of months. Technically NGAS is retracing to the demand zone where traders are expecting a continuation to the upside.
NZDCAD is forming a bullish continuation structure. At the moment the structure has already formed 2 tops and 2 lows as well as testing the demand zone. Traders are expecting a breakout to the upside however the possibility is there for the structure to continue developing before the next push to the upside.