GBPUSD Tests Key Support Area

  • 7 Apr 2021


The USD/JPY pair is moving back towards the 109.14 support level, as sellers have begun to dominate price action. The pullback may be a small break in the rally before bullish momentum continues. Momentum indicators have bearish trajectories.






The GBPUSD has failed to move beyond the 1.380 resistance line and ascending trendline. The pair may now move along the trendline as price action continues to hug this support area. Momentum indicators have moderate upward trajectories.  







The Eurodollar has broken the 1.184 price line and may now heading back towards the 1.198 resistance area. Longer-term sentiment is bearish and so far, has been contained by the descending trendline. Momentum indicators have begun moderate upward trajectories. 






The USDCHF has begun a bearish reversal and selling activity has risen in recent trading. The next support level is at the 0.922 price line, where price action has previously stalled. Momentum indicators have begun downward trajectories.






The XAUUSD continues to test the 1745 resistance area yet, sellers have returned once again to contain price action. The resistance area is developing as a key hurdle to potential rallies. Momentum indicators are bullish. 






The ASX200 has struggled to move beyond the 6900 resistance line after several tests since January. A recent build in bullish sentiment may see an eventual break yet momentum remains weak, currently. Momentum indicators are bullish yet RSI is fast approaching the overbought line.  







The HK50 rebounded from the ascending trendline in the first sign of waning bullish sentiment. Sellers returned and price action will now be contained by the trendline (which is now acting as a resistance area for the index). Momentum indicators have upward trajectories.



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