The Pound Remains On The Back Foot

• 8 Apr 2021

USD/JPY

The USD/JPY pair has stalled mid-range between the 109.14 and 111.20 price levels, as bearish sentiment has faded. Currently, there appears to be a lack of conviction from buyers, however, the longer-term trend is bullish. Momentum indicators have bearish trajectories.

 

 

 

 

GBP/USD

The GBPUSD has broken the ascending trendline and the 1.380 support line, which may be the first sign of a trend change. A price reversal will be confirmed if the break can be sustained. Momentum indicators remain in bearish territory.  

 

 

 

 

 

EURUSD

The Eurodollar has stalled just after the break of the 1.184 price line, as buyers came up against a rise in selling pressure. A longer-term bearish trend has been established and will require significant conviction from buyers to overcome. Momentum indicators look bullish. 

 

 

 

 

USDCHF

The USDCHF has returned to a previous trading range between the 0.922 and 0.935 price levels. Selling momentum has begun to weaken and as a result, price action has stalled after the break of the 0.935 price level. Momentum indicators have begun downward trajectories.

 

 

 

 

XAUUSD

XAUUSD has, once again, stalled at the 1745 resistance area and sellers appear to have returned. The metal may continue to oscillate between the 1682 and 1745 price levels until enough bullish momentum is generated to facilitate the break. Momentum indicators have upward trajectories. 

 

 

 

 

USOUSD

The USOUSD has clung to the 59.28 price area, as neither buyers nor sellers have generated the momentum to drive a significant move away from the price line. A fade lower seems likely as the pair moves away from the trendline. Momentum indicators have flattened in the neutral/bearish territory.  

 

 

 

 

 

HK50

The HK50 is still making attempts to form a rally as buyers remain active despite a strong sell-off at the start of the trading week. Price action continues to be contained by the 28,328 price level and ascending trendline. Momentum indicators have upward trajectories.