A GBPUSD Reversal Is On The Cards

• 27 May 2021

USD/JPY

The ascending trendline remains intact as a key support level for the USDJPY, with buyers eyeing the 110.69 resistance level. A clear, established rally is now underway and the pair continues to oscillate higher. Momentum indicators are neutral/bullish.

 

 

 

 

GBP/USD

The GBPUSD pair continues to test the 1.413 resistance area, with sellers starting to influence price action. The pair is edging closer to the apex of an ascending trendline where a bullish breakout may be anticipated. Momentum indicators have begun downward trajectories. 

 

 

 

 

 

EURUSD

Eurodollar volatility continues with buyers and sellers taking it in turn to dominate trading sessions. As such, the pair has now returned to the 1.217 support level, as sellers returned in yesterday’s session. Overall, the long-term bullish trend remains intact. Momentum indicators have stalled in bullish territory. 

 

 

 

 

USOUSD

The USDCHF sell-off continues at a moderate pace. Each time a rally attempt has been made, bearish sentiment moves to dominate. Recent buying pressure may contain price action within the current 0.889-0.904 trading range. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

USDCAD appears to be rebounding from the 1.206 support level as buyers have begun to return. Previous rally attempts have been short-lived as fundamental factors dampen bullish sentiment. Momentum indicators are forming sharp upward trajectories.

 

 

 

 

XAUUSD

XAUUSD has found support after clearing the 1870 resistance area. A long-legged doji candle in yesterday’s trading may suggest that the rally will not last. The ascending trendline remains a key support level. Momentum indicators suggest the metal is oversold. 

 

 

 

 

USOUSD

USOUSD is once again testing the 66.72 price ceiling, with the ascending trendline now acting as a key resistance level. Given the number of tests of this price hurdle, we may expect a bullish break. Momentum indicators have flattened in bullish territory.