Traders in the foreign exchange market are closely monitoring the movement of various currency pairs, with a particular focus on the EURGBP, AUDUSD, and NZDUSD pairs. These pairs have attracted significant attention due to the anticipation of contrasting market trends.

The AUDUSD Performance 

(UPDATE) - AUDUSD bulls broke past the supply zone.

AUDUSD failed to reject the supply zone and aggressively pushed past it. This price action also broke above the 61.8 fib level as well as the descending trendline. While traders might start changing their bias, the market has not broken the resistance zone around 0.67838. As such, traders anticipate a bounce from the zone since the market created a lower low the last time and a drop back to the demand zone.

The EURGBP Performance

EURGBP is rejecting the support zone.

EURGBP is trading at the bottom of the bigger descending structure and the support zone around 0.85616. The market already rejected the smaller structure and is currently trading at the top. 

Traders have identified the supply zone that the market created previously and are looking at the possibilities of a rally back to the zone to complete the bullish setup. As such, traders will look for confirmations when the market has broken above the structure.

Read More: Traders Are Bullish On CADCHF, US30 And USDJPY

The NZDUSD Performance

NZDUSD is forming a corrective pattern.

NZDUSD is trading at the top of the descending structure as well as the resistance zone around 0.61300. Within the structure, the market is forming a bearish corrective structure which indicates that a continuation is on the cards. 

As such, traders are mindful of the inflation data coming out of the US later today that will affect the USD pairs however, from a technical point of view, they are bearish. As such, a rejection will cause NZDUSD to continue the bearish trend.

Final Thoughts On Today’s Analysis 

Traders closely monitor economic data, central bank announcements, and geopolitical events to make informed decisions. While they anticipate a bullish wave for the EURGBP pair, the bearish sentiment towards the AUDUSD and NZDUSD pairs highlights the cautious approach traders are taking when evaluating their positions. It is important to note that market conditions can change rapidly, and traders must stay vigilant and adapt their strategies accordingly to navigate the dynamic foreign exchange market successfully.