We would like to share some important insights regarding AUDUSD, GBPCAD, and GBPJPY, which the analysis shows, may be of great interest to traders. The daily market analysis indicates that AUDUSD is set for a target of 0.67100, while GBPCAD has dropped +100 pips and reached the target at 1.62980, and GBPJPY has dropped +180 pips.It is advantageous for traders to stay updated on these developments by subscribing to our YouTube channel and following us on social media for in-depth expert analysis of market trends.

Market Commentary - AUDUSD

Is AUDUSD retracement on the cards?

AUDUSD sellers are still aggressive as the market recently broke below significant levels. The current price action provides possibilities of a retest of the trendline as well as the neckline before a continuation to the downside. As such, traders are looking for bearish trading opportunities at the above-mentioned levels.

US30

US30 is set for 32380.00

This set of US30 is currently trading within a descending structure formation. This price action is confirmed by the descending highs and a break and close below the previous structure level of around 32920.00.

According to this formation, traders anticipate the market to complete the structure by dropping to the bottom channel line. As such, traders are waiting for a continuation pattern on the lower timeframes to identify trading opportunities.

USDCHF

USDCHF is trading above the descending channel.

Previously the market failed to break and close below the 0.90800 support zone. This resulted in a double bottom formation and rejection of the bottom of the channel. This caused the price to rally back to the top of the channel but failed to continue to the downside and created a higher low before breaking above the channel. This price action confirms the start of a bullish trend.

Therefore, traders are now bullish and are waiting for a retracement before identifying bullish trading opportunities

Final thoughts on our market commentary

Get the most recent information and analysis directly from TD Markets. Our team delves deep into the price movements of the markets and explains them to you so you can confidently execute your trades. Join the best broker in Africa by signing up right away