USDCAD Reaches Multi-Year Lows

• 7 May 2021

USD/JPY

The USDJPY is stumbling and struggling to maintain momentum for the rally. A series of small-bodied candles suggest that neither buyers nor sellers have the appetite to drive price action. The ascending trendline remains as a key support level. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

GBP/USD

GBPUSD oscillations are narrowing into a symmetrical triangle, where typically a breakout will take place. Given the pattern, the breakout can be either bullish or bearish. Longer-term sentiment has been bullish. Momentum indicators have flattened in bullish territory. 

 

 

 

 

 

EURUSD

The Eurodollar has once again rebounded from the 1.198 support level and descending trendline as buyers are unwilling to give way to bearish sentiment. The current trading range is therefore likely to remain intact in the near-term. Momentum indicators have flattened in bullish territory. 

 

 

 

 

USDCHF

USDCHF has broken the ascending trendline, as bearish sentiment continues to dominate the pair, with selling pressure rising. The break is significant and represents a change in price momentum. A target exists at the 0.903 support level. Momentum indicators have flattened in bearish territory. 

 

 

 

 

USDCAD

USDCAD continue to reach new lows as favour lies with Canadian Dollar. A sharp rise in selling pressure in yesterday’s trading has the pair testing the 1.214 price line, a price low that hasn’t been reached since 2016. Momentum indicators are bearish with RSI suggesting the pair is strongly oversold.

 

 

 

 

XAUUSD

XAUUSD has broken the 1778 resistance level with gusto, as buyers appear to have regained conviction. The break is significant, though the question is whether it can be sustained. Bullish momentum has been slowly building since the end of February. Momentum indicators are bullish with RSI approaching overbought conditions.  

 

 

 

 

USOUSD

The USOUSD is moving higher, yet the 66.72 resistance line remains an obstacle, where bullish momentum tends to fade. The move closer to the apex of an ascending trendline may change this. Momentum indicators have flattened in bullish territory.