USOUSD Challenges $110 Price Level

• 4 Mar 2022

USD/JPY

USDJPY price action has failed to move beyond the 115.41 resistance line, as there is little appetite from market participants to drive price action. The pair is likely to continue floating higher, led by the trendline is the absence of a clear trend.    

 

 

 

 

GBP/USD

The GBPUSD pair continues to oscillate around the 1.338 price line and will likely continue to do so until there is material change in the fundamentals landscape. There is, however, a longer-term bearish bias and the resistance line is edging closer to price action, having more impact in the medium term.  

 

 

 

 

EURUSD

The EURUSD sell-off has sparked up again as the pair continues to new lows. Rising bearish activity has moved the pair beyond a recent low at the 1.113 support level. Momentum indicators have downward trajectories and RSI is testing oversold conditions.  

 

 

 

 

USDCAD

The USDCAD pair has rebounded from the ascending trendline once again after a break of the 1.263 support line. The trendline is therefore established a key support area for the pair, containing price action. Momentum indicators have flattened in neutral territory. 

 

 

 

 

XAUUSD

XAUUSD sellers have returned yet there appears to be some tussle between buyers and sellers at the top of the range. A reversal, is therefore not a given, if buyers remain in the fight- largely motivated by the geopolitical situation. Momentum indicators remain bullish. 

 

 

 

 

USOUSD

The USOUSD has spiked through, but rejected the 109.99 resistance line, as supply fears drive up prices. Given the price formation we may anticipate a reversal, yet technical factors are going to play less of a role in commodities at this time.     

 

 

 

 

JP225

The JP225 has, once again, been contained at the 26,167 support line. Price action has once again been unable to break this support level despite a rise in bearish sentiment. The index will likely languish within the current consolidation range in the near-term until a break materialises.