US Dollar Weakness Prevails

• 6 Apr 2021

USD/JPY

The USD/JPY pair has stalled just before the 111.20 resistance line as sellers appear to be returning. The next support level is at the 109.54 price line. The next few trading sessions will determine whether the move is a pullback or a price reversal. Momentum indicators have bearish trajectories.

 

 

 

 

GBP/USD

The GBPUSD has broken the 1.380 resistance line, returning to a previous range with the 1.413 price line representing the ceiling. However, bullish conviction has been subdued since the break. Momentum indicators have moderate upward trajectories.  

 

 

 

 

 

EURUSD

The Eurodollar has rebounded from the 1.170 support area as Euro buyers attempt a price recovery. The pair is heading closer to the 1.184 resistance level, yet longer-term, a bearish trend has formed. Momentum indicators have begun moderate upward trajectories. 

 

 

 

 

USDCAD

The USDCAD continues to hug the descending trendline as bearish sentiment persists in price action. The pair is also heading closer to the apex of a descending triangle which typically results in a bearish breakout. The 1.239-1.263 price levels contain the current trading range. Momentum indicators have flattened in bearish territory.

 

 

 

 

XAUUSD

The XAUUSD has rebounded from a near-term price low at the 1682.37 support level. Bullish sentiment appears to be waning as the metal approaches the 1745.45 resistance level, which has represented a hurdle in the past. Momentum indicators are bullish. 

 

 

 

 

ASX200

The ASX200 has finally broken the 6900 resistance line after several failed attempts. It remains to be seen whether conviction is strong enough to sustain the break and form a rally. Momentum indicators are bullish yet RSI is fast approaching the overbought line.  

 

 

 

 

 

NDX100

The NDX100 has broken the 13,309 resistance line with a strong bullish move that has taken price action towards the 13,871 resistance level. A moderate rally has formed since September 2020 which may resume if bullish sentiment continues. Momentum indicators have upward trajectories.