Eurodollar Buyers Have Returned

• 3 Mar 2021

USD/JPY

The USD/JPY pair continues to touch a recent price high at the 106.05 price level, which has proven to be an obstacle in the past. The price area continues to contain price action despite a well-supported rally. Momentum indicators are bullish with RSI testing the 70 overbought line.

 

 

 

 

GBP/USD

The GBPUSD pair appears to be making another attempt at the 1.413 resistance line, as buyers have returned after an initial pullback. A doji candle signified the end of the bearish move with price action reverting in yesterday’s trading session. Momentum indicators have flattened in bullish territory. 

 

 

 

 

 

EURUSD

The Eurodollar has rebounded from the ascending trendline once again despite a best attempt by sellers to break the support level. As such, the pair will likely make another attempt at the 1.217 resistance line. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

 

USDCHF

The USDCHF pair has spiked through the 0.918 resistance line and pulled back to remain within the 0.907 and 0.918 trading range. The pair may therefore consolidate within this range in the near-term. Momentum indicators are bullish with RSI flattening along the overbought line. 

 

 

 

 

XAUUSD

XAUUSD has stalled at the 1733 support level as buyers returned to contain the sell-off. Bullish momentum seems weak currently, therefore the metal may languish towards the lower bound of the current trading range. Momentum indicators are bearish with RSI flattening at the oversold line.

 

 

 

 

WS30

WS30 has rebounded from the 30,718 support area yet the rally has become subdued. Oscillations seem likely to remain within the current range given the lack of conviction from buyers with the ascending trendline continuing to act as support. Momentum indicators have flattened in bullish territory.