USOUSD Bullish Recovery Underway

• 29 Nov 2021

USD/JPY

The USDJPY pair has plummeted towards the 113.21 support line and a bullish rebound appears to be underway in early trading. An ascending trendline may contain price action going forward. Momentum indicators have stalled in neutral territory. 

 

 

 

 

 

GBP/USD

The GBPUSD pair has stalled at the 1.331 support level, with a series of doji candles indicating a lack of conviction from both buyers and sellers. The stall may signal potential for buyers to return to the pair although bullish conviction appears weak. Momentum indicators are undergoing reversals.  

 

 

 

 

EURUSD

The EURUSD has recovered from the 1.117 price floor yet has stalled at 1.132 resistance line. Bullish sentiment has been lacking in the pair since it broke the 1.153 support line. Momentum indicators have established bullish reversals yet bullish sentiment appears weak. 

 

 

 

 

USDCAD

The USDCAD is moving closer to a key resistance level at the 1.282 price line. On previous occasions, price action has been rejected at this price line and bearish move has followed. Already, bullish conviction appears to be waning. Momentum indicators have reached the overbought line.  

 

 

 

 

XAUUSD

The XAUUSD continues to test the lower bound of an ascending triangle. A break has not materialised despite several attempts and price action may now hug the trendline in moderate bullish moves. Momentum indicators have begun to flatten after steep bearish trajectories.  

 

 

 

 

USOUSD

The USOUSD index is on a bullish path after plummeting back to the mid $60 per barrel range due to a change in fundamental factors. Pandemic woes came back to bite the commodity which suffered severe sell-offs at the height of the outbreak. Momentum indicators are making sharp bullish recoveries.  

 

 

 

 

ASX200

The ASX200 index has begun to recover from the 7,138 support line, as buyers have returned in the early Asian trading session after a sell-off to end the previous trading week. A target remains at the descending trendline which has contained price action. Momentum indicators have turned bullish.