A Reversal On The Cards For ASX200

  • 20 Apr 2021


The USDJPY has broken the 108.55 support level finally, as bearish momentum rose in yesterday’s trading. Price action may now head back towards the descending trendline where typically, bullish rebounds take place. Momentum indicators have downward trajectories.






GBPUSD buyers have facilitated a break of both the 1.380 resistance level as well as the ascending trendline which may now result in the resumption of the previous rally. The next price target is the 1.413 level which represents a near-term price ceiling. Momentum indicators are bullish.  







The Eurodollar has surged beyond the 1.198 resistance line and descending trendline. Considering how many times trendline has held as a resistance level, the break may prove significant. Momentum indicators are bullish with RSI approaching overbought conditions. 






The USDCHF has broken a key support level at the 0.922 price line. The break has seen mixed sentiment and buyers have returned in the early Asian trading session today. Buyers’ conviction will be tested. Momentum indicators are bearish. 






XAUUSD has failed to move beyond the 1774.35 price level, where selling pressure has begun to rise. With a lack of appetite from buyers, the current trading range is likely to remain intact. Momentum indicators are bullish though trajectories have flattened. 






ASX200 has failed to make strides beyond the 6988.60 price level as there is currently a lack of conviction from buyers. A reversal may be on the cards if bearish sentiment continues to pick up. Momentum indicators are undergoing reversals.






The NDX100 index is stalling at a recent price ceiling at the 13,871 price level. A price reversal ay be on the cards as sellers returned in yesterday’s trading. Momentum indicators have begun to reverse previous bullish positions with RSI pulling away from overbought conditions. 







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