Gold Sell-Off At Start Of Trading Week

• 10 Aug 2021

USD/JPY

The USDJPY pair has broken back above the descending trendline as strong bullish support begins to rise. The break has resulted in a slowdown in the rally, however, the 111.48 resistance line remains in sight. Momentum indicators have begun upward trajectories.  

 

 

 

 

GBP/USD

The GBPUSD pair is beginning to pull back from the 1.395 resistance line, as buyers once again fail to clear the upper bound of the current trading range. Oscillations within range are therefore likely to continue in the absence of strong bullish conviction. Momentum indicators have flattened in neutral/bearish territory.

 

 

 

 

EURUSD

The Eurodollar has broken the 1.177 support level after a recent test of the descending trendline resulted in a sell-off. The move confirms the longer-term bearish bias in the pair ad price action may now test a recent low at the 1.170 support level. Momentum indicators are bearish.

 

 

 

 

USD/CHF

The USD/CHF has moved to test the descending trendline which has served as a key resistance area on several previous occasions. Typically, a retracement has followed any tests as price action gives way to longer-term bearish sentiment. Momentum indicators have sharp upward trajectories.

 

 

 

 

USDCAD

USDCAD has been tracing the ascending trendline higher after a recent pullback resulted in the trendline resuming the role of support line for the pair. A target exists at the 1.263 resistance line which represents a key obstacle for the pair. Momentum indicators have upward trajectories.

 

 

 

 

XAUUSD

XAUUSD has returned back to a recent price low at the 1683.62 price level. Sharp buying pressure has taken price action back to the mid-range of the current trading range between 1683 and 1761 price levels. Momentum indicators have stalled in oversold territory.

 

 

 

 

USOUSD

The USOUSD has moved to test the 66.72 support level, once again, as bearish sentiment begins to dominate the commodity. A break would be significant and confirm a longer-term bearish bias. Momentum indicators remain in bearish territory with RSI testing oversold conditions.