Eurodollar Finds Support

  • 17 Nov 2020


The USD/JPY pair is approaching the 104.29 support level where previously, bullish rebounds have taken place. A doji candle in yesterday’s trading indicates a lack of conviction from sellers. The current trading range may therefore remain intact. Momentum indicators are bearish.








The Eurodollar has found support and is moving back towards the range ceiling at the 1.192 price level. The pace is however, moderate and it seems unlikely that there will be enough momentum to drive a break. The current range is therefore likely to remain intact. Momentum indicators have upward trajectories. 







The GBP/USD rally has struggled to find momentum in recent trading as various fundamental factors are at play. A target exists at the 1.338 resistance area yet price action may continue to languish at the 1.314 support area until there are new developments from a fundamentals perspective. Momentum indicators are bullish, with further upside potential.  






Despite several attempts, gold has been unable to break to the downside of the 1860 support area. The rejections have not resulted in significant bullish rebounds suggesting that sentiment still remains moderately bearish. The 1860-1924 range seems fairly stable. Momentum indicators have flattened in bearish territory. 







The HK50 appears to be on the brink of a reversal, as sellers remain active as price action has failed to really test the 26539 resistance area. A long-term rally has not been established therefore a period of consolidation may follow. Momentum indicators have flattened in bullish territory with RSI testing the 70 overbought line.






The US500 is looking overbought. Price action has turned bearish after a break of recent price high at the 3,574.18 resistance line. A longer-term rally is well-established therefore the current move may merely represent a pullback. Momentum indicators are bullish with RSI testing overbought conditions. 






JP225 sellers have returned not long after the break of the 25,366 resistance line. There appears to be potential for a reversal especially considering buyers appear to lack the appetite to drive the break further. The next few trading sessions will determine near-term price action. Momentum indicators are bullish with RSI turning back to the overbought line.


Sign up to get started

Open Demo Account
Open Live Account