USDCAD Makes Moderate Recovery

• 26 Jan 2021

USD/JPY

The USD/JPY pair is providing no real surprises and is for the most part, trading horizontally, with a moderate bearish bias. The descending trendline remains a key resistance area. Momentum indicators have stalled in neutral/bearish territory.

 

 

 

 

GBP/USD

The GBP/USD pair may be on the verge of a trend change if price action remains stalled at the 1.368 resistance line. There appears to be a lack of appetite from buyers to drive a sustained break and move higher. Momentum indicators have flattened in bullish territory.  

 

 

 

 

EURUSD

The 1.214 resistance line remains sticky for the Eurodollar, yet given the number of attempts, a break seems inevitable. Currently price will consolidate around this price level until fundamental factors or renewed bullish appetite facilitates a break. A longer-term uptrend is established. Momentum indicators are neutral.

 

 

 

 

USDCAD

USDCAD has broken the 1.269 resistance line to the upside as the dollar begins to make a moderate recovery. Sellers are still active however, so we may expect the pair to consolidate within the 1.269-1.290 trading range. Momentum indicators are beginning moderate upward trajectories.  

 

 

 

 

XAUUSD

After several tests of the descending trendline, XAUUSD has continued its downward trajectory. Bullish momentum has waned and therefore the metal has return to the 1779-1860 trading range. The bearish trajectory will continue unless there is some change in fundamental factors. Momentum indicators are neutral. 

 

 

 

 

US500

US500 may be on the verge of a reversal. Price action has stalled at the 3833 resistance area despite buying pressure in yesterday’s trading. Small-bodied candles in the last 4 trading sessions points to low bullish conviction. A break in the longer-term rally may result in the pair returning to a previous trading range until another rally can be established. Momentum indicators have flattened in bullish territory.