Authored by TD Markets
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The GBPNZD Performance
GBPNZD is rallying to the supply zone.
GBPNZD recently dropped +400 pips from the weekly timeframe supply zone. This drop created a lower low and an impulse wave which indicates that sellers are starting to take interest in this market. At the moment the market is rallying up to the daily timeframe supply zone and the 61.8 fib level. Traders will be watching this carefully to see how the market will react around that zone.
A rejection from the zone will see a drop in price or an aggressive break and a close above the zone will likely continue the uptrend.
The USDCHF Performance
USDCHF rejected the top of the channel.
USDCHF has dropped +70 pips from the top of the channel. This is also where the market created a resistance zone on the daily timeframe. According to this price action, traders anticipate a drop back to the bottom of the channel and as such, will be looking for trading opportunities at the break and close of the minor support zone.
The GBPJPY Performance
GBPJPY is trading at the resistance zone.
GBPJPY recently bounced from the top of the ascending channel. This is where the market created a resistance zone as well as a descending trendline on the daily timeframe. Furthermore, the 61.8 fib level of the daily timeframe impulse wave is also holding the price.
Therefore, traders anticipate a drop down to the bottom of the channel to complete the structure formation and as such, are looking for trading opportunities.
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