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A world of Trading assets

Traders Are Monitoring BTCUSD

Authored by TD Markets
21.06.2023
Technical Analysis
0
4 min
Traders Are Monitoring BTCUSD

In the fast-paced world of investing, keeping a close eye on market trends and identifying potential opportunities is crucial for traders seeking profitable ventures. Currently, two markets that have caught the attention of astute traders are BTCUSD and the currency pairs NZDUSD and AUDCAD. 

This article explores the factors driving the monitoring of BTCUSD and the potential for rallies in NZDUSD and AUDCAD, presenting traders with valuable insights to consider.

The AUDCAD Performance

AUDCAD approaching the support zone.

AUDCAD recently bounced from the resistance zone around 0.91000 and broke below the ascending channel. This price action saw the market drop +120 pips. At the moment the market is approaching the support zone around 0.89460 and traders will be interested to see how the market reacts around the zone as there are possibilities of a break below the zone which will indicate a continuation to the downside and a bounce for a push to the upside.

Traders Are Monitoring BTCUSD

The BTCUSD (Bitcoin) Performance 

Is BTCUSD ready for a bullish run?

BTCUSD aggressively broke above the descending structure as well as the bottom of the bigger ascending structure. The market failed to break below the support zone around 25287.00 and instead has broken above the previous resistance zones.

The small descending structure retraced 50% of the previous bullish impulse wave according to the Fibonacci retracement tool. According to this price action, traders anticipate BTCUSD to resume its bullish rally. As such, traders will are looking for bullish continuation setups.

Traders Are Monitoring BTCUSD

The NZDUSD Performance 

(UPDATE) - NZDUSD trading within a bullish channel.

NZDUSD failed to reject the previous resistance zone around 0.61300 and continue pushing lower, instead, the market broke above the zone. This changes the outlook since the market created a higher high from the above-mentioned zone. 

Traders have identified an uptrend and a bullish channel and anticipate the market to continue trading to the upside. As such, a bounce from the bottom of the channel as well as the support zone will indicate a continuation to the upside.

Read More: JPY Is Seeing Less Strength, Major Currencies Advance

Traders Are Monitoring BTCUSD

Final Thoughts On Today’s Analysis 

In the world of investing, vigilance and adaptability are vital attributes for success. Currently, traders are closely monitoring BTCUSD as a key indicator of market sentiment in the cryptocurrency realm. Simultaneously, potential rallies in the currency pairs NZDUSD and AUDCAD are garnering attention in the Forex market. 

By staying informed about the latest developments in these markets and utilising robust analysis techniques, traders can position themselves to capitalise on emerging opportunities and navigate the dynamic landscape of financial markets. However, it's important to remember that investing always carries risks, and thorough research and consideration should precede any investment

Authored by TD Markets
21.06.2023
Technical Analysis
0
4 min
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