US Dollar Finds Support At End Of Trading Week

• 2 Jul 2021

USD/JPY

The USDJPY pair continues to climb beyond the 110.69 resistance level, as as bullish momentum begins to dominate price action. The rally is beginning to sharpen, yet the ascending trendline remains as a key support level. Momentum indicators suggest the pair is overbought.

 

 

 

 

GBP/USD

GBPUSD has broken the 1.380 support level and is now headed towards the 1.368 support line. Another break would likely provide weight to the downtrend and would see the return to recent price lows. Momentum indicators are testing oversold conditions.

 

 

 

 

EURUSD

The Eurodollar has pulled back to break the ascending trendline and continues to test the 1.184 price line. A break of this support area would see price action return towards a recent low at the 1.170 price line. Momentum indicators are testing oversold conditions.

 

 

 

 

USDCHF

The USDCHF has broken the 0.922 resistance area after several tests. Price action will now move towards recent highs at the 0.935 and 0.943 resistance lines. The question is whether bullish momentum can be sustained. Momentum indicators are testing the overbought zone.

 

 

 

 

XAUUSD

XAUUSD has moved back towards the ascending trendline and price action appears to be tracing the trendline which will now act as a resistance zone. A price target exists at the 1795 resistance line. Momentum indicators appear to be undergoing reversals.

 

 

 

 

ASX200

The ASX200 index has tested the 7262 support level on numerous occasions, as the index starts to consolidate between the 7262 and 7399 price levels. There does appear to be a bearish bias although currently, it remains moderate. Momentum indicators have turned bearish.

 

 

 

HK50

The HK50 index is fast approaching the 28,172 support level where typically, bullish rebounds take place. The index has been consolidating within this range for some time and given the lack of bullish support, a break may be inevitable. Momentum indicators have turned bearish.