Authored by TD Markets
As the USD/ZAR setup reaches its completion, traders are now directing their attention toward promising opportunities in the AUD/USD and US30 markets. This shift in focus comes amidst a dynamic trading landscape where opportunities abound for those keen on identifying and capitalising on bullish trends.
The AUDUSD Performance
(UPDATE) - AUDUSD broke above the descending trendline.
AUDUSD has bounced from the bottom of the descending structure and is now trading above the trendline. On the lower timeframes, the market has just broken the previous high which adds to the confluence. According to this price action, traders are bullish and anticipate a short-term rally to the 61.8 fib level.
The US30 Performance
(UPDATE) - US30 is now trading above the 61.8 fib level.
US30 is preparing to resume the overall trend according to the current price action. The market is trading within a bullish structure. At the moment the market is testing the support zone as well as the 61.8 fib level. Traders also anticipate a bounce on the bottom of the channel. This price action adds to the confluence and as such, traders are bullish and anticipate the market to rally to the 35000.00 price level.
Read More: Traders Are Bullish On AUDUSD & US30
The USDZAR Performance
(UPDATE) USDZAR completed the bearish setup.
USDZAR aggressively dropped to the supply zone as previously forecasted. This price action completes the bearish setup and traders will now start scaling out of their positions. From this point on, traders will wait for patterns to develop around this zone in order for them to identify what USDZAR will do next.
Final Thoughts On Today’s Analysis
As the USD/ZAR setup reaches its conclusion, traders are now pivoting their attention to the AUD/USD currency pair and the US30 index. Both setups present compelling opportunities for traders looking to capitalise on potential bullish trends. The AUD/USD's resilience in the face of market volatility and the US30's slow rebound reflects the changing trading scene. As usual, smart decision-making, careful market trend monitoring, and flexible tactics will be critical to effectively navigate these changing possibilities. Subscribe to our YouTube channel for more.
