After a period of correction, the EURUSD currency pair has completed its downward movement. Market participants have observed the price action and various technical indicators, leading them to believe that the correction has run its course. As a result, traders are now adopting a bullish outlook on the pair.

The EURUSD Performance

(UPDATE) - 61.8 fib level holding price again.

EURUSD dropped back to the 61.8 fib level as well as the bottom of the channel and rallied to the upside. This price action confirms a bullish corrective pattern which indicates that buyers are still interested in this market. As such, traders are still bullish and anticipate the market rally up to the top of the channel.

The NZDUSD Performance 

(UPDATE) - NZDUSD rallied back to the resistance zone.

NZDUSD rejected the support zone around 0.60616 and pushed back to the resistance zone around 0.61193 according to the previous commentary. This price action completed the bullish setup and at the moment traders are out of the market. 

The whole descending structure is correcting the bullish wave that started from 0.59840 and rallied up to 0.62465 which means traders are keeping a close eye around the top of the structure with anticipation of a breakout to the upside which will confirm a continuation of the previous impulse wave.

The US30 Performance 

(UPDATE) - US30 pushed to the upside.

US30 successfully created a higher low around the 50.0 five level and continued to the upside according to the previous commentary. This price action confirmed a continuation of the bullish trend and also provided trading opportunities. 

At the moment the market is trading above the resistance zone around 34282.58 which further indicates momentum to the upside. As such, traders are still holding long positions and anticipate a rally back to the resistance zone around 34944.00.

Read More: Traders Are Bearish On Silver

Final Thoughts On Todays Analysis 

Furthermore, traders have also turned bullish on the NZDUSD currency pair, which measures the exchange rate between the New Zealand dollar and the US dollar. This shift in sentiment indicates a positive outlook for the New Zealand dollar relative to its American counterpart. 

The reasons behind this bullishness might include favourable economic data from New Zealand, an improved risk appetite among traders, or other factors supporting the strength of the New Zealand dollar. 

Overall, with the correction in the EURUSD completed, traders are now displaying a bullish sentiment towards both the US30 index and the NZDUSD currency pair. These assessments are subject to market dynamics and can change based on new information or events impacting the global financial markets. Therefore, it is crucial for traders to continuously monitor market conditions and adapt their strategies accordingly. Watch our YouTube Channel for more analysis.