NDX100 Rally Set To Continue

• 20 May 2021

USD/JPY

The USDJPY continues to trace upwards, slightly above the ascending trendline. Buyers remain active albeit at a more moderate pace. A target exists at the 110.69 price level. Momentum indicators are bullish, with MACD languishing around the zero line.

 

 

 

 

GBP/USD

The GBPUSD pair remains stuck to the 1.413 price line, as a break attempt has been countered by sellers taking price action back towards the 1.413 support area. The ascending trendline remains intact as a key support level where bullish rebound generally result. Momentum indicators suggest that the pair is overbought. 

 

 

 

 

 

EURUSD

The Eurodollar break of the 1.217 resistance level was short-lived as Euro sellers immediately returned. Given the sharp trajectory of the uptrend and clear bullish support the pair may now languish at the lower bound of the 1.217- 1.232 trading range. Momentum indicators remain bullish. 

 

 

 

 

XAUUSD

XAUUSD has stalled at the 1870 price level, as a series of long-legged dojis indicate indecision for the pair and neither buyers nor sellers currently have the appetite to drive price action. A sharp uptrend has formed since the end of March, however, price action may consolidate within the current range. Momentum indicators suggest the metal is overbought.

 

 

 

 

USDCHF

The USDCHF has begun to rebound from the 0.898 support area as buyers return to the pair. A previous rally attempt was thwarted by sellers and therefore to overcome the bearish bias, significant bullish conviction will be required. Momentum indicators are bearish.  

 

 

 

 

USOUSD

USOUSD sellers are still active despite such an established rally. Oscillations have narrowed within the $60 per barrel range, as buying pressure contained price action despite a spike in bearish sentiment in yesterday’s trading. The pair will likely consolidate within this range in the near-term. Momentum indicators have downward trajectories.

 

 

 

 

NDX100

The NDX100 has rebounded from the ascending trendline as buyers once again returned in support. The rebound serves as confirmation of a well established long-term rally. Oscillations are narrowing as the index moves higher. Momentum indicators remain bearish.