USOUSD Approaching Psychological $100 Per Barrel Level

• 28 Feb 2022

USD/JPY

USDJPY price action has stalled at the 115.41 price level, as the pair continues to move horizontally. Bullish pressure remains and the ascending trendline remains intact as a key support level. As price action moves closer to the trendline, another bullish rebound can be expected.   

 

 

 

 

GBP/USD

The GBPUSD pair has broken a key support level at the 1.338 price line, despite a bullish bias in price action. The pair may now languish within the 1.320 and 1.338 price levels, as the macroeconomic situation unfolds. Momentum indicators have switched to bearish trajectories though RSI signals limited downside potential. 

 

 

 

 

EURUSD

The EURUSD pair is once again testing the 1.113 support level. Selling pressure continues despite strong activity form buyers in recent trading, yet fundamentals prevail. The question is whether the pair will break out of the current consolidation range. RSI is fast approaching oversold conditions.

 

 

 

 

USDCAD

The USDCAD pair is making a bid for the 1.282 resistance line as buying pressure has been rising in recent trading despite a sharp change in geopolitical conditions. It could be a rollercoaster week for the petrocurrency from a fundamentals perspective. Momentum indicators have stalled in bullish territory. 

 

 

 

 

XAUUSD

XAUUSD has subdued at the 1906 resistance line where selling pressure continues to contain the previous rally. Volatility can be expected for the safe haven asset as geopolitical conditions unfold. Momentum indicators reflect overbought conditions with one previous signal of a momentum reversal. 

 

 

 

 

 

USOUSD

The USOUSD is being contained currently, in the %90 per barrel range, as selling pressure puts a lid on spiking prices in energy markets. Buyers have return in early trading during the Asian session and a tussle at the upper bound of this price range appears likely. Momentum indicators have flattened in bullish territory.

 

 

 

 

US500

The US500 ‘confidence’ index has taken a battering over the last month, however recent trading has seen the index find support, with a break and several tests of the 4306 price line. Going forward, a return to the 4306-4590 trading range could be on the cards, at least in the short-term.