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Traders Are Bearish On AUDCAD And Bullish On GBPUSD 

Authored by TD Markets
23.06.2023
Technical Analysis
0
3 min
Traders Are Bearish On AUDCAD And Bullish On GBPUSD 

Traders have recently displayed a noticeable shift in their market sentiment, with a bearish outlook on the AUDCAD currency pair while expressing bullish sentiments towards the GBPUSD and CADCHF pairs. These developments reflect the evolving dynamics in global economies and geopolitical factors impacting the forex markets.

The AUDCAD Performance

AUDCAD extends a bearish run.

AUDCAD recently broke below the previous support zone around 0.89482, formed a retest and continued pushing lower. This price action confirmed a continuation to the downside as well as a trading opportunity. At the moment traders anticipate the market to hit the previous daily timeframe low around 0.87850 for the setup to complete.

Traders Are Bearish On AUDCAD And Bullish On GBPUSD 

The CADCHF Performance 

Is CADCHF about to break the resistance?

CADCHF has been ranging between the resistance zone around 0.67910 and the support zone around 0.67100. The market has also respected the ascending trendline which provides insight that the buyers are interested in this market. As such, a break and close above will indicate a shift of momentum to the upside and a continuation of the trend.

Traders Are Bearish On AUDCAD And Bullish On GBPUSD 

The GBPUSD Performance 

GBPUSD forming a corrective wave.

GBPUSD is still trading within an ascending trendline and is currently forming a corrective pattern. This pattern is known as a bull flag and is a bullish continuation pattern. Traders are bullish and anticipate a retest of the support zone around 1.26610 and a flag to complete before the trend continues.

Traders Are Bearish On AUDCAD And Bullish On GBPUSD 

Read More: BTC Finally Breached The Falling Wedge

Final Thoughts On Today’s Analysis 

In conclusion, traders have adopted a bearish outlook on the AUDCAD pair due to economic challenges faced by Australia and a dovish monetary policy stance. Conversely, the bullish sentiment prevails for the GBPUSD and CADCHF pairs, driven by positive economic prospects, potential interest rate hikes, and supportive central bank policies. As always, traders should exercise caution and conduct thorough analysis before making any investment decisions in the forex market.

Authored by TD Markets
23.06.2023
Technical Analysis
0
3 min
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