GBPUSD Tests Key Support Level

• 3 Nov 2021

USD/JPY

The USDJPY price action has narrowed significantly in recent trading. When candles display these patterns, it typically comes before a breakout. Doji candles represent indecision and are often presented just before a trend change. Momentum indicators have downward trajectories.

 

 

 

 

GBP/USD

The GBPUSD pair has pulled back towards the 1.361 support line which also represents the lower bound of the trading range. Selling pressure has risen in the last trading session and if bearish momentum continues a break is imminent.  

 

 

 

 

EURUSD

The EURUSD price action is beginning to narrow as the pair moves closer to the apex of the triangle. Neither buyers nor sellers are dominating at this time, yet the pattern is a signal of a bearish continuation of the trend and therefore a breakout to the downside may be expected.  

 

 

 

 

USDCHF

The USDCHF has recovered from the most recent sell-off, breaking both the 0.910 support line and descending trendline which has acted as a strong support level for the pair. Price action has now re-entered a consolidation channel and may now move in a horizontal pattern.  

 

 

 

 

USDCAD

USDCAD will make another attempt at the 1.243 resistance line after a period of consolidation within the 1.228-1.243 trading range. Bullish momentum is beginning to climb after a period of indecision. Momentum indicators have upward trajectories.

 

 

 

 

XAUUSD

The XAUUSD is beginning to float lower after a rejection of the descending trendline. The longer-term bearish trend therefore remains intact. Momentum indicators have downward trajectories with MACD turning to test the zero line.   

 

 

 

 

JP225

The JP225 has stalled at the 29,371 price line as a big surge in bullish momentum forming a breakaway gap has failed to be sustained. Another attempt at a rally may still be made as the index settles into a new trading range. Momentum indicators are bullish with MACD breaking the zero line.