A Bullish Breakout Imminent For WS30?

• 8 Jun 2021

USD/JPY

USDJPY has rebounded from the ascending trendline in further confirmation of the long-term rally. Oscillations continue upwards towards the apex of an ascending triangle. The upper bound is the 110.69 price level. Momentum indicators are moderately bullish.

 

 

 

 

GBP/USD

The GBPUSD pair is testing the 1.418 price level and has been testing this resistance line since mid-May. A break is yet to materialise as buyers lack the conviction to drive price action higher. Momentum indicators have moderate downward trajectories.

 

 

 

 

EURUSD

Eurodollar buyers are struggling to overcome the 1.217 obstacle, as the latest pullback has seen price action contained. The pair may now consolidate at this price level until fundamental factors change. Momentum indicators have moderate downward trajectories.

 

 

 

 

XAUUSD

XAUUSD has rebounded from the trendline, though bullish sentiment may be beginning to wane. A series of smaller bodied candles indicate that support is fading. The 1950 resistance area remains a target. Momentum indicators have downward trajectories.

 

 

 

 

USOUSD

USOUSD is making moderate, incremental bullish moves. Bullish sentiment remains fairly weak as highlighted by small-bodied candles, yet a complete lack of appetite from sellers is seeing the commodity float higher. A break into the $70 per barrel range would be significant. Momentum indicators suggest the commodity is overbought.

 

 

 

 

JP225

The JP225 has rejected the descending trendline as sellers have begun to return in early trading. The next target is the 28,532 support level which has proven to be an obstacle for sellers in the past. Momentum indicators are moderately bullish.

 

 

 

 

WS30

The WS30 is edging closer to the apex of an ascending trendline, which is a key support level for the index. Three tests of the 34,864 upper bound have failed to produce a break. As oscillations narrow, a bullish breakout is anticipated. Momentum indicators have flattened in bullish territory.