A world of Trading assets

Blog

It’s the mother of all markets, making all other types of trading possible. Every three years the Bank of International Settlements releases its survey of foreign exchange and OTC derivatives markets.
A world of Trading assets

Traders Are Bullish On US30

Authored by TD Markets
29.06.2023
Technical Analysis
0
4 min
Traders Are Bullish On US30 While Monitoring EURUSD 

The global financial markets are witnessing an intriguing scenario, with traders displaying optimism towards the US30 index while closely monitoring the EURUSD and NZDUSD currency pairs for potential corrective waves. 

The convergence of these market trends has piqued the interest of astute traders, who are seeking to capitalise on the opportunities presented by these developments. In this article, we will delve into the reasons behind the bullish sentiment surrounding US30 and explore the dynamics surrounding the anticipated corrective waves in EURUSD and NZDUSD.

The EURUSD Performance

(UPDATE)

EURUSD is still trading within an ascending structure. The recent drop in the pair indicates that the market is still trading in a corrective phase and setting up for a continuation of the upside. Traders will be watching the 50.0 and 61.8 fib levels carefully as they anticipate a reaction. As such, a push to the upside is still valid.

Traders Are Bullish On US30 While Monitoring EURUSD 

The NZDUSD Performance 

(UPDATE)

NZDUSD broke the structure and aggressively dropped. This recent price action could change the previous outlook slightly however the market is trading at the support zone around 0.60616 which could cause a rally back to the resistance zone around 0.61193. As such, traders are keeping an eye on this zone for rejection and pushback to the resistance zone.

Traders Are Bullish On US30 While Monitoring EURUSD 

Read More: Fed Chair J Powell Set To Give Direction On The Rates

The US30 Performance 

(UPDATE)

US30 has already pushed to the upside and has broken above the previous resistance zone around 33830.00. This price action provides signs of a continuation to the upside.

Traders are watching the daily timeframe closely and are looking for a daily candlestick to break and close above the previous two daily candlesticks' highs to signal a continuation to the upside before developing a trading plan.

Traders Are Bullish On US30 While Monitoring EURUSD 

Final Thoughts On Today’s Analysis 

Traders currently display bullish sentiment towards the US30 index. This is underpinned by a robust economic recovery, strong corporate earnings, and accommodative monetary policy. Simultaneously, the EURUSD and NZDUSD currency pairs are being monitored for potential corrective waves. As market participants remain vigilant about economic developments, monetary policy changes, and other influential factors. 

It's crucial for traders to exercise diligence, carefully analyse market trends and utilise appropriate risk management strategies. The convergence of these market dynamics provides opportunities for astute traders to navigate the financial markets with informed decisions and capitalise on potentially profitable moves. Watch our Opening Bell here. 

Authored by TD Markets
29.06.2023
Technical Analysis
0
4 min
TD Markets

Africa’s Most Trusted Broker

TD Markets provides you with access to the next-generation trading platform that brings a wealth of new features and enhanced performance to your trading experience, MetaTrader 5. This platform, easily accessible from any device, elevates your trading experience by providing a range of advanced features, including Advanced Trading Tools, Faster Execution, Expanded Market Access, Automated Trading, Depth of Market, and Enhanced Security.
Why TD Markets