Authored by TD Markets
Investors are short-term negative on the (USDZAR) Pound-Dollar and the Euro-Yen while aiming for 19.0000 on the USD-ZAR. Read about our team's detailed research, which buyers may find to be very interesting. If you want to keep up with these trends, follow us on social media and subscribe to our channel. This will give you a professional analysis and in-depth coverage of market changes.
The EURJPY Performance
EURJPY buyers are slowly exiting the market. The resistance zone is around 145.380 and is currently holding the price as seen by the triple rejection. This has caused the market to form lower lows and lower highs and break below the counter-trendline which is indicative of the seller's strength at the moment.
According to this price action, traders anticipate a continuation to the downside and are waiting for a continuation pattern to confirm trading opportunities.
The GBPUSD Performance
A possible short-term bullish setup is developing on GBPUSD. This pair is currently trading at the bottom of the descending channel. This is where the market previously pushed up before resuming the descending structure.
The bottom is aligned with the previous structure low around 1.18440 where the market could reject and start a short-term bullish wave according to the previous behaviour. As such, traders are keeping an eye out for rejection and a possible short-term trading opportunity back to the resistance around 1.19280 and the 50.0 fib level.
The USDZAR Performance (Dollar - ZAR)
Is USDZAR set for 19.0000?
The weekly timeframe suggests a very aggressive trend within an ascending channel. A break and close above the previous structure's high level around 18.4000 as well as the demand zone indicates that USD might extend its gains against the ZAR. As such, traders are targeting the 19.0000 price level as well as the top of the channel.
Final Thoughts On This Analysis
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