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2022/02/28 Market Analysis

Authored by TD Markets
28.02.2022
Stock Squawk
0
2 min

USDCAD:

USDCAD is forming rising wedge and is currently at the resistance zone. At the moment the market is in between the structure high and low and could force traders to wait for a clear and good setup before planning for a short trade. A rejection at the top of the structure will see a drop or an aggressive break and close below the structure low will see further downside momentum.

GBPUSD:

GBPUSD has aggressively rejected the structure low around 1.33575 and support zone. At the moment the market is trading around 1.33430. Structurally the market seems to be losing momentum to the downside as seen by the recent highs and lows and this could alert traders of possible bullish leg forming.

EURAUD:

EURAUD is trading at the bottom of the channel and is approaching an area of support. The MACD indicates convergence which means the bearish trend is losing momentum. This will alert traders of a possible bullish reversal and will be looking for bullish impulse wave before looking for long opportunities.

Authored by TD Markets
28.02.2022
Stock Squawk
0
2 min
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