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A world of Trading assets

TD Markets Daily Market Commentary

Authored by TD Markets
19.01.2023
Technical Analysis
0
2 min

GBPAUD.

GBPAUD recently bounced from the previous structure low and has rallied +380 pips to the upside. This price action caused the market to break above the resistance zone around 1.76200. 

Traders anticipate a rally back to the neckline of the double top around 1.79820 which is aligned with the 61.8 fib level where they are expecting the market to find some resistance. As such, a correction will provide short-term trading opportunities to the neckline.

US30.

(UPDATE) - US30 dropped further and broke below another support zone around 33475.00 and another structure level. This changes the outlook as traders now anticipate a continuation of the bearish wave down to the support zone around 32489.00. 

As such, a correction will confirm more downside momentum and trading opportunities.

USDZAR.

USDZAR has been trading within a descending wedge formation since the major drop from 18.52500. This price action is failing to continue the bearish momentum and has been creating insignificant lower lows resulting in the formation of the wedge. 

Furthermore the support zone around 16.81700 has been holding strong as seen by how the market is failing to break below. 

According to this price action, sellers are now closing their positions and this will attract buyers as they are waiting for the market to break above the resistance zone around 17.23200 as well as the descending trendline before looking for trading opportunities to the upside.

Authored by TD Markets
19.01.2023
Technical Analysis
0
2 min
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