The USDJPY sell-off has been fizzling out in the last few trading sessions and as a result, price action has now stalled at the 108.55. This has been a zone of consolidation in the past where a bullish rebound followed. Momentum indicators are levelling out in neutral territory.
The GBPUSD has failed to truly test the 1.380 resistance level as price action has fallen short. A lack of bullish momentum is seeing the pair fade lower. The current trading rage is likely to remain intact. Momentum indicators have flattened in neutral territory.
The Eurodollar price recovery has been contained by the 1.198 resistance level. This resistance area has developed as a key resistance zone in recent trading. The longer-term bearish trend looks set to continue. Momentum indicators remain bullish.
XAUUSD has found support and price action is now headed back towards the 1774.35 price level. Buyers’ conviction will be tested after several months of consolidation for the metal. Momentum indicators have upward trajectories; with MACD fast approaching the zero line.
USOUSD support continues although the commodity has struggled to drive beyond the 63.50 price level. Price action has struggled to break out of this range in recent trading therefore buyers’ appetite will need to be strong in order to drive the break. Momentum indicators have upward trajectories.
The HK50 index has struggled to find momentum in either direction. Oscillations are narrowing which generally precedes a breakout. Small bodied candles indicate that market participants lack conviction. Momentum indicators are neutral.