The USD/JPY pair has broken both the 103.01 support level and descending trendline, as buyers return to the pair with conviction. The next target is the 104.29 resistance level indicating a return to a previous trading range. Momentum indicators have begun upward trajectories.
The GBP/USD pair has broken the 1.358 resistance level to the downside in the first indication of dominance from sellers. Another support level exists at the 1.338 price line and the next few trading session will determine whether current moves represent a pullback or a full price reversal. Momentum indicators have flattened in bullish territory.
The Eurodollar has broken back below the 1.229 resistance level, as the rally appears to be weakening. Several oscillations have taken place during the course of the rally, yet buyers’ conviction has remained strong. However, given the short-lived break, we may expect a period of consolidation to follow. Momentum indicators have downward trajectories.
The 1924.49 price level appears to be a sticking point for the metal as neither buyers nor sellers have dominated enough to move price action in either direction. A consolidative range exists between the 1860 and 1924 price levels. Momentum indicators are undergoing reversals with RSI pulling away from overbought conditions.
The HK50 index has stalled at the 27,728 price level as sellers returned. However, buyers appear to have some residual appetite which has held price action at this price high. Further upside will require significant conviction, therefore a pullback or consolidation seems more likely. Momentum indicators suggest that the index is overbought.
The ASX200 continues to oscillate between the 6644 and 6779 price levels as the index takes a break in the most recent rally. Continued tests of the range ceiling indicates a bullish bias. A break has not yet materialised. Momentum indicators suggest further upside potential.