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TD Markets Daily Market Commentary

Authored by TD Markets
12.01.2023
Technical Analysis
0
2 min

Commentary:

EURGBP.

(UPDATE) - EURGBP has rallied +60 pips from the trendline and the support zone. This price action confirms that buyers are still in the market. At the moment the market is trading at the resistance zone and traders anticipate a break and close above the resistance since it failed to hold the price the last time. This will confirm more upside movements and provide trading opportunities.

USDJPY.

(UPDATE) - USDJPY retraced back to the resistance and dropped +90 pips so far according to the previous commentary. This price action provided trading opportunities to the downside and traders are already in the market. Anticipation is that price continues to drop to the previous structure low level according to the overall structure as well as the zones that the market failed to break to the upside. This is where traders could look to scale out of their positions.

GOLD.

(UPDATE) - GOLD has not had any momentum to the upside in the past 3 days however it is currently trading above the previous resistance zone around 1870.00 and about to create a new higher high. Traders are still bullish and anticipate GOLD to reach 1910.00 as their first target. As such, a retracement will provide trading opportunities to the upside.

Authored by TD Markets
12.01.2023
Technical Analysis
0
2 min
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