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TD Markets Daily Market Commentary

Authored by TD Markets
16.01.2023
Technical Analysis
0
2 min

CADCHF.

(UPDATE) - CADCHF has created an upward structure as seen by the higher highs and higher lows. This price action broke above the neckline of the double bottom and has created an ascending trendline. From a weekly timeframe perspective, traders anticipate a correction back to the descending trendline which aligns with the resistance zone as well as the 50 fib level. At the moment the market has retraced to the 50 fib level as well as the support zone and the trendline where traders are looking for trading opportunities to the upside.

NZDCAD.

NZDCAD aggressively rejected the resistance zone around 0.87670 and caused the price to drop and create lower lows and lower highs. This price action broke below the support zone around 0.86300 and created a lower low. According to this price action, traders are looking for trading opportunities to the downside. As such, a lower high and a break below the counter-trendline will confirm bearish momentum down to the 38.2 fib level.

GOLD.

(UPDATE) - GOLD is now trading at the resistance zone around 1917.00. Since the market has formed an impulse wave to the upside, traders anticipate a retracement / correction to start according to market structure, before looking for trading opportunities to the upside, however depending on how the retracement will form, it could provide short-term trading opportunities back to the trendline. All this will depend on how the daily candlestick will close.

Authored by TD Markets
16.01.2023
Technical Analysis
0
2 min
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