The financial markets are constantly in motion, responding to a myriad of factors including economic data and geopolitical events. In this article, we will take a closer look at two prominent currency pairs, USD/ZAR and GOLD, as they seem to be gearing up. Additionally, we will assess the progress of USDCAD as it inches closer to its target.

The USDCAD Performance 

(UPDATE) - USDCAD is down +100 pips.

USDCAD has successfully bounced from the resistance zone around 1.36572. According to the previous commentary, traders were waiting for the market to break and close below the ascending channel before looking for bearish trading opportunities. At the moment the market has dropped +100 pips. Traders have targets set on the next support zone around 1.33672.

The XAUUSD (GOLD) Performance

Is Gold about to continue the bullish trend?

Gold is trading in a bullish trend. The recent price action and market structure suggest that Gold is preparing for a takeoff and a continuation of the bullish trend. The market has created support and resistance zones around 1893.00 and 1935.00 respectively, as well as a descending trendline. Traders are waiting for a break and close above the resistance zone before looking for trading opportunities.

The USDZAR Performance 

USDZAR is creating higher lows.

USDZAR is trading in a bullish trend. The market created a higher low and support zone around 17.40869 and 17.70100 respectively. This caused the market to shoot up and break above the previous resistance zone around 18.50706 which has now turned into a support zone. 

From here on the market continued to create a series of higher lows which overall indicates that the buyers are interested in longing USD against the ZAR. According to this price action, traders are bullish and are waiting for the weekly timeframe candlestick to break and close above the resistance zone around 19.13900 before looking for trading opportunities.

Read More: What are Safe Haven Currencies?

Final Thoughts On Today’s Analysis 

The financial markets are constantly in motion, responding to a myriad of factors including economic data, geopolitical events, and investor sentiment. In this article, we will take a closer look at two prominent currency pairs, USD/ZAR and GOLD, as they seem to be gearing up for a potential upward surge. Additionally, we will assess the progress of USDCAD as it inches closer to its target.