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TD Markets Daily Market Commentary (29 November 2022)

Authored by TD Markets
29.11.2022
Technical Analysis
0
2 min

Commentary:

EURGBP.

EURGBP recently failed to break and close below the previous low around 0.85711 as well as the bottom of the bigger ascending channel. This caused the market to rally up and break above the descending channel. The recent price action suggests a double bottom scenario which indicates a change in structure. As such, traders will now look for trading opportunities to the upside.

NZDCAD.

NZDCAD is currently trading on the weekly timeframe 61.8 fib level. This area is aligned with the weekly timeframe resistance zone as well as the descending trendline. Since the market is still trading within a descending structure, traders anticipate a continuation to the downside once the retracement completes. As such, a rejection from the 61.8 fib level as well as the resistance zone and trendline will cause price to drop and provide trading opportunities to the downside.

USDZAR.

USDZAR is currently forming a correction and also trading on the trendline. This price action comes after the market broke below the ascending channel, formed a correction and continued dropping. This further confirmed that sellers are in the market. According to the recent price action, traders anticipate a continuation of the trend and are looking for trading opportunities to the downside.

Authored by TD Markets
29.11.2022
Technical Analysis
0
2 min
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