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2021/10/29 Market Analysis

Authored by TD Markets
29.10.2021
Market Analysis
0
2 min

EURGBP: (update)

EURGBP has pushed up and closed above the descending trendline. These are signs that traders would want to see for a shift to the upside however there is no confirmation. Traders are waiting for structure to be broken to the upside and will make trading decisions as the outlook is bullish.

GBPNZD:

The 1.91300 key level is still holding strong as seen by the market failing to break below it. Historically, this level is one of the important levels for Pound-Kiwi which provides confidence for market participants. Recently the market rejected the level twice and has broken structure to the upside. Traders are short-term bullish and awaiting the bull flag to complete for a bullish continuation back to the top of the channel.

USDCHF: (update)USDCHF bears are still in control as seen by the aggressive break and close below the counter-trendline. This bearish move was also affected by the ECB speech on inflation which saw the EURO gaining strength against the US Dollar.EURUSD has negative correlation to the USDCHF which means the traders have a bearish outlook on USDCHF. At the moment the setup is complete and traders are waiting for the structure to form before making any trading decision.

Authored by TD Markets
29.10.2021
Market Analysis
0
2 min
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