MarketBreakdown | Dollar Index, GBPUSD, USDCAD, EURNZD

15 ก.พ. 2023

Hey traders,

Here are the updates & outlook for multiple instruments in my watchlist.

1️⃣ Dollar Index (DXY) daily time frame 💵
The market is consolidating within a narrow horizontal trading range.
Taking into consideration, that the index is very bullish from the beginning of February,
I believe that a bullish rally will continue.

Wait for a bullish breakout of the resistance of the range,
daily candle close above that will most likely trigger a bullish continuation.

2️⃣ GBPUSD daily time frame 🇬🇧🇺🇸
The pair was rejected heavily from a key daily structure resistance.
A rejection candle with a long wick was formed.
It indicates a strong bearish pressure.

I believe that the pair will most likely keep falling.

3️⃣ USDCAD daily time frame 🇺🇸🇨🇦
The market is trading within a wide horizontal trading range.
Its support was reached yesterday and the market was rejected from that.
Probabilities are high that a resistance of the range will be reached soon.

4️⃣ EURNZD daily time frame 🇪🇺🇳🇿
The price is forming a huge ascending triangle formation.
A bullish breakout of its resistance will initiate a strong bullish wave.
Wait for a daily candle close above the neckline as a confirmation.

Do you agree with my market breakdown?

❤️If you have any questions, please, ask me in the comment section.
Please, support my work with like, thank you!❤️