The NZDUSD Performance

A fibonacci retracement tool has been used to measure the selling pressure and stopped at 61.8.

• Target 0.62265 was reached as an exit on this pair.

There are conservative trades that will wait for price point 0.60557 to be broken first before they engage their buy positions.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

The GBPCAD Performance

The short opportunity was played out on this pair. We can see clear lows and lower lows with more downside expected. We are currently retracing with another opportunity for some traders who are looking for positions.

• The target is still set at 1.68620.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

The GBPNZD Performance

There seems to be a short opportunity on this pair, with the exhaustion of buyers coming and breaking to lows and lower lows.

Both the inner and outer trendlines identified have been violated, waiting on the last lower low to form before engaging in a position.

A break below 2.02704 is our follow-through for further downside.

• Target is set at price point 1.97558.

Please note that this should not be used as advice, but support that can assist clients to make a more informed decision on their own. Risk Management must be applied on a strict basis.

Final Thoughts On Today’s Analysis

In conclusion, the recent performance analysis of NZDUSD, GBPCAD, and GBPNZD provides valuable insights for traders seeking informed decisions in the foreign exchange market. In the case of NZDUSD, the Fibonacci retracement tool played a pivotal role, with the selling pressure halting at the 61.8% level. The achieved target at 0.62265 served as a successful exit point, while conservative traders are advised to monitor the breach of 0.60557 for potential buy positions. It is crucial to emphasize that these observations are not intended as direct advice but rather as supportive information, urging traders to implement strict risk management. Subscribe to our YouTube channel for more on our market analysis.