Gravestone Doji In HK50

• 19 Jul 2021

USD/JPY

The USDJPY pair is hugging the ascending trendline after moving away from the 109.59 support level. The rally is set to continue given the lack of conviction from sellers to drive a trend change. Momentum indicators have flattened in neutral territory. 

 

 

 

 

GBP/USD

The GBPUSD pair has broken the 1.380 support level indicating that conviction from sellers is rising. In recent trading, sellers have been unable to push price action below the 1.368 support line. This price area will therefore be a test of sellers’ conviction. Momentum indicators are oscillating in bearish territory.

 

 

 

 

EURUSD

The Eurodollar continues the downtrend despite some oscillations in recent trading. The pair is now moving back towards a recent low at the 1.170 support level, which represented a pivot point for the latest rally. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

The USDCAD is testing the 1.263 resistance line as strong bullish momentum begins to build. A break appears imminent and would represent the return to a pre-pandemic trading range. Momentum indicators are bullish and RSI is testing overbought conditions.

 

 

 

 

XAUUSD

XAUUSD has entered a symmetrical triangle pattern of price action. Despite a price recovery, the metal is yet to make any true attempt on the 1860 resistance level and therefore oscillations are likely to continue between the upper and lower bounds of the triangle. Momentum indicators are bullish.

 

 

 

 

USOUSD

The USOUSD is moving back towards the ascending trendline which has been a key support level since December 2020. Typically tests result in a bullish rebound and a doji candle in the last trading session highlights waning bearish sentiment. Momentum indicators have downward trajectories. 

 

 

 

 

HK50

The HK50 index has struggled to build enough bullish momentum to facilitate a rally and has largely been consolidating since February this year. A gravestone doji in the last trading session highlights that further downside  can be expected. Momentum indicators are bearish.