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A world of Trading assets

TD Markets Daily Market Commentary

Authored by TD Markets
25.01.2023
Technical Analysis
0
2 min

GBPAUD.

GBPAUD is about to confirm a downtrend.

The market is currently forming a bearish impulse wave after a rejection on the weekly timeframe resistance zone around 1.81830. This caused the price to drop and break below support zones. 

Recently the market created a lower high around the 61.8 fib level and aggressively dropped. This price action confirmed a change in momentum and as such, traders are anticipating a further drop in price.

Thus a correction or retracement will confirm a continuation of the trend.

USDCHF.

USDCHF is forming a bearish continuation pattern.

The market has broken below the previous significant support zones around 0.93700 and 0.93250. This price action has developed a descending trendline which confirms bearish momentum.

Traders are now bearish and are looking for trading opportunities. An aggressive break and close below the counter-trendline will confirm further downside movements.

USDJPY.

USDJPY is also forming a bearish continuation pattern.

Similar price action to USDCHF price action; USDJPY market structure has been descending and creating lower lows and lower highs. The descending trendline is holding structure and recently the market has created a new lower low.

Traders are looking for trading opportunities to the downside and are keeping a close eye on the trendline and the 61.8 fib level for any rejection.

Authored by TD Markets
25.01.2023
Technical Analysis
0
2 min
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