MarketBreakdown | Dollar Index, GBPUSD, USDCAD, EURNZD
Here are the updates & outlook for multiple instruments in my watchlist.
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.
#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 an intense bearish pressure.
I believe that the pair will most likely keep falling.
#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.
#EURNZD daily time frame
The price is forming a substantial ascending triangle formation.
A bullish breakout of its resistance will initiate a solid bullish wave.
Wait for a daily candle close above the neckline as a confirmation.