The USDJPY is struggling to find traction to resume the previous rally. There appears to be little appetite from sellers and longer-term sentiment is clearly bullish. The ascending trendline will continue to act as support. Momentum indicators have upward trajectories.
The GBPUSD pair is starting to build momentum towards the 1.413 price line, which was the obstacle leading to a pullback in the previous rally. Bullish conviction remains low as a series of doji candles indicate reduced market activity. Often, these candles present before a breakout. Momentum indicators are bullish.
The Eurodollar is moving closer to the 1.217 resistance area yet, momentum appears to be slowing. Previous tests of this resistance area have been rejected and therefore significant conviction will be required to overcome this price line. Momentum indicators suggest that the pair is overbought and a reversal is beginning.
The USDCAD breakout is beginning to show signs of a slowdown. The pair has reached multi-year lows, as the accelerated pandemic recovery has caused the pair to overshoot mean values. Momentum indicators suggest the pair is oversold and a momentum reversal appears imminent.
XAUUSD has failed to break the descending trendline and tests have seen the metal trace lower. The 1778 resistance area also appears to be sticky and therefore the 1683-1778 range will likely remain intact. Momentum indicators have flattened in bullish territory.
The USOUSD bullish breakout now has the 66.75 ceiling in sight. This price level has proven to be an obstacle for the commodity in the past, as price action tends to stabilize within the $60 per barrel range. Momentum indicators are bullish.