The USDJPY pair has stalled at the ascending trendline after a strong sell-off at the close of the trading week. Doji candles indicate that conviction remains low despite the break in the bearish move. Momentum indicators still have a bearish bias although trajectories are beginning to flatten.
The GBPUSD pair has halted at the 1.331 support level, with a series of doji candles indicating a lack of conviction from both buyers and sellers. New developments in fundamentals are the most likely to have significant effects on price action. RSI suggests the pair is oversold.
The EURUSD has recovered from the 1.117 price floor yet has been unable to make any significant attempts at a break of the 1.132 resistance line. Overall, longer-term sentiment is bearish and despite previous attempts at rallies, sellers have continued to dominate price action.
The USDCHF has plummeted back towards the 0.922 support level. Selling pressure has continued in recent trading where price action has now become subdued and a break is yet to materialise. Price action looks set to be contained within the current trading range until fundamentals drive another move.
XAUUSD price action is narrowing around the support area represented by the lower bound of a symmetrical triangle pattern. Selling pressure has been heavy in the last few trading sessions yet a break has not materialised. Momentum indicators are bearish with MACD on the verge of breaking the zero line to the downside.
The USOUSD index is beginning a recovery of sorts though bullish conviction currently remains low. Price action has begun to climb higher yet doji candles suggest that buyers lack the support to drive the rally. With uncertainty remaining, the commodity will likely languish around the $70 per barrel range.
The JP225 index has begun to climb back towards the 29,371 resistance line despite an increase in selling pressure. The bearish move was contained by the ascending trendline which signals that longer-term sentiment is bullish. Momentum indicators are undergoing reversals.