A Trend Change For GBP/USD Pair?

• 3 May 2021

USD/JPY

The USDJPY is making its way back to a recent ceiling at the 110.69 price level. Bullish momentum is currently moderate and unlikely to result in any real challenge to the resistance area. Therefore, the current trading range may remain intact in the near-term. Momentum indicators have upward trajectories. 

 

 

 

 

GBP/USD

The GBPUSD pair has broken the ascending trendline in the first sign of a switch to bearish bias. If the break can be sustained, there is further downside potential. Momentum indicators signal a trend change as trajectories have turned downward.  

 

 

 

 

 

EURUSD

The Eurodollar has pulled back to the descending trendline in a strong bullish move to end the trading week, last week. If the pair breaks back below the trendline, bearish sentiment will likely continue. The 1.198 price level remains a key support area. Momentum indicators signal a reversal.  

 

 

 

 

USDCAD

The USDCAD sell-off has stalled at the 1.228 support level, representing a recent low. A trading range between the price low and the 1.263 resistance line has been established. Momentum indicators suggest the pair is oversold and a momentum reversal appears imminent. 

 

 

 

 

XAUUSD

XAUUSD continues to test the descending trendline yet bullish momentum is waning. Typically when price action forms this pattern, it signifies a potential breakout. Momentum indicators are sinking lower indicating a drop in bullish sentiment. 

 

 

 

 

USOUSD

The USOUSD has stalled at the 63.39 price level as sellers returned mid-rally. The commodity will now languish within the $60 per barrel range in the near-term. Currently, the ascending trendline remains as a support level. Momentum indicators are bullish.

 

 

 

 

HK50

The HK50 is testing the 28,328.20 support level which represents a clear obstacle for sellers. A breakdown of the previous rally has seen the index consolidate in the 28300-29500 range. Significant conviction from sellers will be required to drive the break. Momentum indicators are neutral/bearish.