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TD Markets Daily Market Commentary

Authored by TD Markets
09.01.2023
Technical Analysis
0
2 min

Commentary:

EURGBP:

EURGBP buyers ended 2022 on the front foot, Price found support at 0.85700 and aggressively pushed back to the previous high around 0.88600 where it struggled to break above which created a resistance zone. This could mean that buyers are already scaling out of their positions which could attract sellers into the market. A break and close below the counter-trendline as well as a minor support zone will cause price to drop down to the 50.0 fib level.

USDJPY.

USDJPY has been trading in a downtrend as seen by a series of lower lows and lower highs since price topped out around 151.800. Previous structure low levels were broken to the downside and this further confirmed that there's more selling pressure coming into the market. Recently the market developed a descending trendline and rejected it for the 3rd time. This area was aligned with the 61.8 fib level as well as the previous high for a possible double top scenario. This zone created confluence and confirmed a continuation to the downside. A pullback to the minor resistance zone could see more sellers come into the market and price drops further to the previous daily low level.

GOLD.

GOLD is currently trading around the previous structure high level, however it broke above 1870.00. The price has been aggressively pushing to the upside with little retracements forming and this confirms that more buyers are coming into the market. This further confirms that the overall direction and outlook for traders is bullish. At the moment an impulse wave is forming and traders are waiting for a pullback to identify bullish trading opportunities.

Authored by TD Markets
09.01.2023
Technical Analysis
0
2 min
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