The USDJPY pair has rebounded from the ascending trendline once again. A bullish trajectory towards the apex is likely to be the near-medium-term outcome, especially of there is no significant change in fundamentals. Momentum indicators have flattened in neutral territory.
The GBPUSD pair has stalled mid-range as doji/small-bodied candles indicate a slowdown in bullish momentum. Another attempt may be made at this resistance level, as buying pressure remains and the medium-term trajectory is bullish. Momentum indicators are bullish.
The Eurodollar has bounced back from the 1.177 support level as buying pressure rose in yesterday’s trading. Currently, however, bearish conviction remains weak and despite the longer-term trajectory, price action is yet to break the 1.177 support level. momentum indicators remain in bullish territory.
The USDCAD has broken the descending trendline and is now approaching a key resistance area at the 0.925 price line. Price action has turned bullish in recent trading and the break indicates rising conviction from buyers. Momentum indicators have upward trajectories.
XAUUSD price action continues to bounce along the 1795 support level, as small-bodied candles indicate indecision from market participants. Price action will edge closer to the descending trendline where a bearish rebound is likely to take place. Momentum indicators have flattened in neutral territory.
The USOUSD is now testing the 70.66 resistance line after a break of the descending trendline signaled strong bullish conviction. A break would return the pair to recent highs as demand has been spiking in recent weeks due to poor weather conditions. Momentum indicators have upward trajectories.
The JP225 index has surged beyond the 30,467.75 resistance line, as buying activity has risen sharply in the last few trading sessions-off the back of a sharp rally. Despite rising selling pressure, the rally has continued suggesting that longer-term bullish sentiment is being established. Momentum indicators suggest the pair is overbought.