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A world of Trading assets

TD Markets Daily Market Commentary

Authored by TD Markets
17.01.2023
Technical Analysis
0
2 min

BTCUSD (BITCOIN).

The weekly timeframe view on Bitcoin suggests that sellers are currently taking profits as seen by the exhaustion pattern / falling wedge pattern which generally drives the market to the upside when it's complete. Price aggressively closed above the counter-trendline as well as previous resistance around $18410.00. The start of this week saw the market open with a gap between $19740.00 and $20840.00. According to this price action, traders anticipate Bitcoin to push to $25150.00. As such, a retracement or correction will provide trading opportunities to the upside.

EURNZD.

EURNZD recently completed a bullish continuation pattern which caused price to rally to the upside. This price action created a higher low which developed an ascending trendline. According to this price action, traders anticipate a rally up to the resistance zone around 1.71230 and are keeping a close eye on the 50.0 fib zone for trading opportunities to the upside. There is a possibility that the market could retrace back to the trendline as well.

US30.

US30 is currently trading within a supply zone. Traders could be interested in looking for short-term trading opportunities to the downside as they anticipate a drop back to 33790.00 or 33400.00 before a continuation to the upside since the market is currently bullish. As such, an aggressive rejection will provide opportunities to the downside with targets set around 33790.00.

Authored by TD Markets
17.01.2023
Technical Analysis
0
2 min
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