Long

MarketBreakdown | Dollar Index, GBPUSD, USDCAD, EURNZD

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!❤️

VasilyTrader

✅Join My Telegram Channel: t.me/VasilyTrading

❗️YouTube Channel youtube.com/c/VasilyTrader

💰Instagram: instagram.com/VasilyTrader/ 💰

✅Facebook: facebook.com/VasilyTrading/ ✅

Also on:

Related publications

USDJPY: Will We Go Higher? 🇺🇸🇯🇵

by VasilyTrader

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.