The USD/JPY pair continues to test the 109.54 price level, yet sellers have returned and may facilitate a break below the resistance area. The next few trading sessions will determine whether sellers have the conviction to drive a reversal in the rally. Momentum indicators are turning bearish and RSI suggests the pair is oversold.
The GBPUSD pair has, once again, rebounded from the ascending trendline which has been established as a strong support area for the pair. Price action is now testing the 1.380 resistance area which is the lower bound of a previous trading range. Momentum indicators remain in bearish territory.
The Eurodollar has broken the 1.184 support level yet buyers have returned after the break. Fundamental factors are facilitating the recent optimism for the Euro. A return to the 1.184-1.198 trading range may therefore be imminent. Momentum indicators are bearish with RSI touching the 30 oversold line.
The USDCHF pair is touching the 0.938 resistance line after strong bullish momentum has driven a rally since December 2020. Selling activity certainly suggests a break in momentum, yet may represent a slowdown rather than a reversal. Momentum indicators have flattened in bullish territory with RSI touching the 70 overbought line.
XAUUSD has broken a descending trendline, however, price action appears to be fading and bullish sentiment appears to remain low. The nearest target is the 1774 resistance line which represents a previous trading range. Momentum indicators have upward trajectories.
The USOUSD appears to be building bullish momentum, after failing to clear the 59.28 resistance line for the last 4 trading sessions, as sellers contained price action. The ascending trendline will now be established as a resistance area after the previous rally has broken down. Momentum indicators are neutral/bearish.
The HK50 is testing the 28,328 price line which has been an area where buyers have typically returned. A breakdown in the previous rally has seen price action move horizontally for the last few weeks and despite a break of the ascending trendline, sellers have been unable to dominate. Momentum indicators remain in bearish territory.