GBPUSD Plummets To New Lows

• 29 Sep 2021

USD/JPY

The USDJPY pair is testing a recent price ceiling at the 111.50 resistance line. Selling pressure started to rise in yesterday’s trading and is still present in today’s activity. Previous tests of this price area have resulted in a pullback in the past. Momentum indicators suggest the pair is overbought.

 

 

 

 

GBP/USD

The GBPUSD pair has plummeted to new lows as a sell-off in yesterday’s trading saw the pair break 1.361 price floor. Given the number of times the support level held, the break is significant. Momentum indicators suggest that there is further downside potential.  

 

 

 

 

EURUSD

The Eurodollar is now testing the 1.167 support level and so far, no break has materialised. Smaller-bodied candles into the move suggest that bearish momentum is beginning to weaken and a bullish rebound may, once again, be on the cards. 

 

 

 

 

USDCAD

The USDCAD has rebounded from the ascending trendline in a signal that the longer-term bullish sentiment still holds. Price action will now move back towards a recent high at the 1.282 price level, where on 2 previous occasions, the pair has been rejected and a pullback resulted.

 

 

 

 

XAUUSD

The XAUUSD continues to float lower, with low conviction from sellers. A test of the 1728 support line may inspire the return of buyers which in recent trading, have lacked the conviction to drive a rally. A meaningful move in price action is likely to be driven by a change in fundamentals.  

 

 

 

 

USOUSD

USOUSD has pulled back from the 75.74 price ceiling, having formed a short-lived break in yesterday’s trading. Bullish conviction appears to have faded and the 73.50 support level will represent a test of bearish conviction. Momentum indicators have started reversals.

 

 

 

 

ASX200

The ASX200 has stalled after a sell-off in yesterday’s trading. A test of the 7399 resistance line fueled the return of sellers which has now resulted in the index recovering at the 7138 support level. Price action will likely consolidate within this current range in the near-term.