USOUSD Contained At $60 Per Barrel Mark

• 23 Mar 2021

USD/JPY

The USD/JPY pair is stuck to the 108.89 resistance level as neither buyers nor sellers are dominating price action. The pair may continue to range at this resistance area until new developments emerge in the fundamentals picture. Momentum indicators are beginning downward trajectories.

 

 

 

 

 

GBP/USD

The GBPUSD pair is oscillating in a narrower range moving closer to the 1.380 support level. Smaller-bodied candles may indicate that a breakout could be on the cards.  The pair is approaching the ascending trendline which may determine which direction the pair moves next. Momentum indicators have downward trajectories.  

 

 

 

 

 

EURUSD

The Eurodollar looks likely to oscillate between the 1.184 and 1.198 price levels. The pair seems set to range within these boundaries for the near-term, with the longer-term bias remaining bearish. Momentum indicators remain in bearish territory. 

 

 

 

 

 

USDCAD

The USDCAD rally seems unlikely to continue as signs show the bullish momentum already weakening after the break of the 1.250 resistance line. The descending trendline is likely to contain price action once again. Momentum indicators have upward trajectories. 

 

 

 

 

XAUUSD

XAUUSD is testing the descending trendline which has been established as a strong resistance area for the pair. Given the slowdown in bullish momentum, it appears this resistance area will contain price action once again.  Momentum indicators have upward trajectories.

 

 

 

 

USOUSD

The USOUSD has rebounded from the 59.28 support level yet, price action may now be contained by the ascending trendline, which is now acting as a resistance area. A range is now established between the 59.28 and 63.35 price levels. Momentum indicators have sharp downward trajectories.

 

 

 

 

HK50

The HK50 has broken the ascending trendline, with price action heading back towards the 28,328.20 support level. The support level has been an area where buyers have returned in the past. Momentum indicators are bearish with MACD breaking the zero line.