The Rally To Resume For WS30?

• 26 Mar 2021

USD/JPY

The USD/JPY pair has broken the 108.89 price level, in what may be a resumption of the previous rally. The recent horizontal price action may have been simply a break before the uptrend continues. Momentum indicators have flattened in bullish territory and RSI suggests the pair is oversold.

 

 

 

 

GBP/USD

The GBPUSD pair has begun to turn away from the ascending trendline as buyers return. The pair may now test the 1.380 price line which would indicate the return to a previous trading range. Momentum indicators remain in bearish territory.  

 

 

 

 

 

EURUSD

The Eurodollar has broken the 1.184 support level and appeared to be on the way towards the 1.170 price area. Buyers have returned in early trading which may result in the pair being contained in the 1.170-1.184 trading range. Momentum indicators are bearish with RSI touching the 30 oversold line. 

 

 

 

 

XAUUSD

XAUUSD continues to hug the descending trendline, where price action will likely follow the same trajectory in the near-term. Given the fact that price action has failed at this resistance area once again, the most likely direction of price action is bearish. Momentum indicators have flattened in bearish territory.

 

 

 

 

USOUSD

The USOUSD has found the 59.28 price area sticky, as neither buyers or sellers have been able to generate a sustained move in either direction. The ascending trendline will now be established as a resistance area as the previous rally has broken down. Momentum indicators are neutral/bearish.

 

 

 

 

WS30

The WS30 has bounced back from the 31,982 support level, as buying activity started to climb in yesterday’s trading. Another attempt at the 33,040 price area may be made if the current bullish momentum is sustained. Momentum indicators are bullish.