GBPUSD has dropped +350 pips the past 2 weeks and is now trading at the weekly support zone. The overall structure that's been identified by traders is a 3-wave corrective structure which indicates that the market is preparing for a bullish leg. Furthermore the bottom of the channel aligns with the overall price action and provides confluence to traders for upsid momentum.
Traders are keeping an eye and would want to see signs of rejection before creating a buy trading plan.
NZDCAD rallied +150 pips to the upside since the last commentary. At the moment the market is trading at the weekly resistance trendline. The is in confluence with the supply zone as well as the 61.8 fib level. This will be an area of interest to traders and would want to keep an eye for shorting opportunities but only if the marker aggressively rejects the zone.
NZDJPY rallied +80 pips to the upside since the last commentary. The market is now at the top of the daily structure and traders are keeping an eye for a drop and shorting opportunities. From a structure point of view, traders anticipate the end of the corrective wave and a bearish impulse wave to start forming. An aggressive rejection will confirm such