In the world of forex trading, keeping a close eye on currency pairs and their movements is crucial for success. Two currency pairs that have been garnering attention recently are USDZAR and USDCAD. USDZAR has been trading above the key level of 19.15, while USDCAD has shown signs of resuming its previous trend. In this article, we will delve into the factors influencing these currency pairs and what traders should watch for in the coming days.

The EURNZD Performance

Is EURNZD retracement complete?

EURNZD is trading within a bullish structure and trend. The market has created a higher high around 1.84600 and started the retracement. According to the Fibonacci drawn on the previous impulse wave, the market has retraced to the 61.8 level which is aligned with the previous support zone around 1.75200 and the support trendline. According to the overall price action, traders anticipate the trend to resume from these levels and are looking for bullish trading opportunities back to the 1.79170 resistance zone.

The USDCAD Performance

(UPDATE) - USDCAD has broken out of the structure.

USDCAD is trading within a bullish market structure and trend after it broke out of the outer descending structure. The previous resistance zone around 1.36850 has been broken and the trend is expected to continue to the upside. According to this price action traders are bullish and anticipate the USD to continue strengthening against the CAD.

The USDZAR Performance 

(UPDATE) - USDZAR is trading above 19.15

USDZAR is currently trading around 19.37000. This price action comes after the market did not break below the support zone around 18.75180 and the support trendline and is with the overall structure and trend.  According to this price action, traders anticipate the market to reach the 19.7000 price level. As such a weekly close above 19.15549 will likely continue the bullish momentum.

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Final Thoughts On Today’s Analysis 

In conclusion, USDZAR trading above 19.15 and USDCAD resuming its trend are both noteworthy developments in the forex market. Traders should closely monitor the factors mentioned above and stay informed about global events and economic data releases that can impact these currency pairs. As always, risk management and a well-thought-out trading strategy are essential in navigating the dynamic forex market. Watch our YouTube channel today to learn more about our analysis.