Authored by TD Markets
Welcome to the world of trading, where every day brings new opportunities for profit and risk. In today's market, two currency pairs have caught the attention of traders: GBPNZD and GOLD. GBPNZD bears are currently in control, while GOLD is displaying bullish tendencies.
This market analysis highlights the current trend of these two trading pairs and what it means for traders looking to make profitable trades. Let's dive in and explore these market movements in more detail.
The GBPNZD Performance
(UPDATE) - GBPNZD dropped +200 pips.
GBPNZD aggressively rejected the weekly timeframe resistance trendline as well as the 88.6 fib level and dropped. This price action also caused an aggressive break and close below the support zone around 2.0000. Traders anticipate the NZD to continue the recovery against the Pound and drop back to the bottom of the channel to complete the bearish setup.
The NAS100 Performance
(UPDATE) - NAS100 aggressively pushed up.
NAS100 rejected the 50.0 fib level as well as the support zone and rallied to the upside. The overall structure is still bullish and traders anticipate NAS100 to create new higher highs. As such, any break and rest of the structure on the lower timeframes will further confirm a continuation of the trend.
Read more: GOLD Heading Back To $2000 And Profit Taking
The XAUUSD (GOLD) Performance
(UPDATE) - $2050 is still on the cards.
GOLD is about to complete the bullish setup as it's closing in on the target of around $2050.00. Overall traders anticipate the market to hit highs around $2070.00 because the structure is still bullish. As such, no trading opportunities are expected as traders will hold on to their positions.
Final thoughts on today's analysis
In conclusion, the current market trends suggest that GBPNZD bears are in control while GOLD remains bullish. Traders should carefully analyse these market movements to make informed decisions regarding their trading strategies. Remember, while the market is always fluctuating, staying up-to-date on the latest trends and news can help you learn more. With this knowledge in hand, you can navigate the market with confidence and precision. Follow our YouTube channel.
