Seasonal Factors To Drive USOUSD

• 22 Sep 2021

USD/JPY

The USDJPY pair has moved back towards the 109.02 lower bound of a descending triangle pattern. Buyers have already returned in early trading which suggests the support level will, once again, remain intact. Momentum indicators are neutral. 

 

 

 

 

GBP/USD

The GBPUSD pair sell-off has lost steam and stalled before reaching a key support level at the 1.361 price line. A doji candle in yesterday’s trading may be the first signal of a potential bullish reversal. Momentum indicators remain in bearish territory.

 

 

 

 

EURUSD

The Eurodollar has stalled at the 1.170 support level as a series of doji candles indicate indecision. Sellers appear to lack the conviction to continue the sell-off yet buyers also appear to lack the appetite to drive a rally. As the pair moves closer to the trendline, sellers may once again gather momentum.  

 

 

 

 

USDCHF

The USDCHF has pulled back to break the 0.925 price line to the downside and return to a previous trading range between the 0.904-0.925 price levels. Sell-offs have typically been contained by the ascending trendline which represents a key support for the pair. Any move closer will likely result in the return of buyers.

 

 

 

 

XAUUSD

XAUUSD has rebounded from the 1753 support line as buyers begin to form a rally back towards a key resistance zone, in the form of the descending trendline. The trendline confirms a bearish bias in the long-term and therefore significant conviction will be required to drive a break. 

 

 

 

 

USOUSD

The USOUSD is oscillating around the $70 per barrel price level. A moderate downtrend appears to be forming in the longer-term as the commodity is yet to form a full price recovery after the most recent sell-off. Seasonal factors may drive demand for oil in the medium which may result in move back towards the 75.74 ceiling.  

 

 

 

 

NDX100

The NDX100 index has stalled at the 14,831 support line, as selling activity rose sharply in recent trading. A doji candle represents a stall in the move and buyers appear to have returned in early trading. Given the current lack of momentum, the index may now consolidate just above the support level.