U.S. Dollar Finds Support In Mid-Week Trading

• 28 Jan 2021

USD/JPY

The USD/JPY pair has broken the descending trendline to the upside which indicates rising strength from bulls. At the same time, the pair is testing the 104.28 resistance level. This may be the first sign of a trend change, as the pair has remained in a long-term downtrend. Momentum indicators have begun upward trajectories.

 

 

 

 

GBP/USD

The GBP/USD pair has been unable to move beyond the 1.368 resistance line as bullish momentum appears to only be moderate. Longer-term, buyers have support yet the pair may move horizontally in the short-term. Momentum indicators have flattened in bullish territory.  

 

 

 

 

EURUSD

The Eurodollar has moved closer to the ascending trendline as the pair once again rejected the 1.214 price level. A bullish rebound has taken place on previous occasions at this trendline and given the current lack of conviction from sellers, that may be the case, once again. Momentum indicators have downward trajectories.

 

 

 

 

USDCAD

The USDCAD is beginning to pull away from the 1.269 support level and the next target is the 1.290 resistance line. Price action has consolidated at the lower end of this price channel between the 1.269 and 1.290 price levels. Momentum indicators have established upward trajectories.  

 

 

 

 

XAUUSD

The XAUUSD bearish move is beginning to gather momentum, despite some rise in selling pressure in yesterday’s trading. The next target for the metal is the 1779 support line, which also represents the lower bound of a descending triangle. Momentum indicators have a bearish bias.

 

 

 

 

NDX100

The NDX100 is testing a key support level at the 13,141.27 price line as well as an ascending trendline. Previous tests of the ascending trendline have resulted in a bullish rebound in price action. A sell-off in yesterday’s trading appears to lack support today. Momentum indicators are bearish with RSI pulling away from overbought conditions.