USDJPY Has Formed A Descending Triangle

• 5 Aug 2021

USD/JPY

The USDJPY pair has rebounded from the 109.13 support level as bullish sentiment has begun to rise in recent trading. Previous rally attempts have been contained by the descending trendline, as sellers generally return at this resistance zone. Momentum indicators remain in bearish territory.  

 

 

 

 

GBP/USD

The GBPUSD pair has once again been rejected by the 1.395 price level, as selling pressure begins to rise when any break attempt is made. Bearish sentiment will likely result in the containment of price action within the current range between 1.361 and 1.395 price levels. Momentum indicators are neutral/bullish.

 

 

 

 

EURUSD

Eurodollar sellers have returned after a period of uncertainty and as such, price action has now broken the 1.184 resistance line. A recent price low exists at the 1.170 support line which came as the end of a significant sell-off.  The next few trading sessions will determine sellers’ conviction. Momentum indicators are neutral/bearish.

 

 

 

 

USD/CHF

The USD/CHF is rebounding from the 0.904 support line after a moderate sell-off in the last week. Price action will be contained within the 0.904-0.925 range with the descending trendline acting as a key resistance line. Momentum indicators remain in bearish territory.

 

 

 

 

XAUUSD

XAUUSD has flattened towards the midpoint of the two boundaries of the asymmetric triangle. Selling pressure in yesterday’s trading indicates that sellers are still active, yet unable to drive price action. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

USOUSD

USOUSD has broken the ascending trendline once again in a sign that the rally has broken down. The $65-$75 per barrel range will remain as a consolidative channel, which price action will oscillate within. A support level currently exists at the 66.75 price line. Momentum indicators have downward trajectories.

 

 

 

 

US500

The US500 has reached the apex of the ascending trendline where support meets resistance at the 4422 price line. A bullish breakout may be anticipated, however, conviction remains low as highlighted by the small-bodied candles into the move. Momentum indicators have flattened in bullish territory.