USOUSD Tests Key Support Level

• 3 Aug 2021

USD/JPY

The USDJPY pair has moved to test the 109.13 support level as bearish sentiment continues to rise. This price area has proven to be an obstacle in the past, where buyers typically return. Momentum indicators are bearish with MACD breaking the zero line to the downside.  

 

 

 

 

GBP/USD

The GBPUSD pair is pulling back from the upper bound of a consolidation channel between the 1.361 and 1.395 price levels. Selling pressure indicates there is a bearish bias in the pair yet conviction remains low. Momentum indicators are bullish.

 

 

 

 

EURUSD

The Eurodollar has stalled just after the 1.184 resistance area, where a series of doji candles indicate indecision. The pair will likely float sideways and a change in price action will be facilitated by a change in fundamental factors. Momentum indicators have upward trajectories.

 

 

 

 

USD/CHF

The USD/CHF is testing the 0.904 support level where the sell-off has begun to wane. Given the weakening bearish sentiment, a rebound may be on the cards. Longer-term, the descending trendline continues to act as a resistance line. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

The USDCAD has broken the 1.245 price line and is now testing the ascending trendline, which has developed as a key resistance level. Despite a breakdown in the previous rally, bullish sentiment remains and the pair may head ack towards the 1.263 resistance area. Momentum indicators are bullish.

 

 

 

 

XAUUSD

XAUUSD continues to oscillate within a symmetrical triangle pattern. Oscillations have a bullish bias with higher highs and higher lows. The lower bound of the triangle is established as a key support level where rebounds typically take place. Momentum indicators are neutral/bullish.

 

 

 

 

USOUSD

The USOUSD has pulled back to test the ascending trendline, as selling pressure rose in yesterday’s trading. The trendline is well established as a key support area where buyers normally return. Momentum indicators are bullish with MACD breaking the zero line to the upside.