WS30 Reaches New Highs

• 16 Mar 2021

USD/JPY

The USD/JPY rally has the 109.54 price line in sight yet bullish momentum appears to be waning. Selling pressure has begun to rise particularly after the break of the 108.89 resistance line. Momentum indicators are bullish with RSI moving beyond overbought conditions.

 

 

 

 

GBP/USD

GBPUSD price action remains contained within the trading range between the 1.373 and 1.413 price levels. Price action has begun to move horizontally with the ascending trendline approaching, which has so far been acting as a key support level. Momentum indicators have moderate downward trajectories.  

 

 

 

 

 

EURUSD

The Eurodollar has pulled back from the 1.195 price level, with sellers returning. A support level exists at the 1.184 price line where previous rebounds have taken place. The pair may continue to oscillate between these two price levels. Momentum indicators have stalled in bearish territory. 

 

 

 

 

 

USDCAD

The USDCAD breakout has stalled just after the 1.250 support level. A doji candle indicates a stall in the bearish move and may represent indecision from market participants. Momentum indicators remain in bearish territory, with RSI testing oversold conditions. 

 

 

 

 

 

XAUUSD

XAUUSD has rebounded from the 1682.37 support level, yet a series of small-bodied candles indicate a deceleration in the rally. The next target for the metal is the 1774.35 resistance line. Momentum indicators have upward trajectories.

 

 

 

 

WS30

The WS30 has found significant and sustained support which has led to new price highs beyond the 31,982.03 resistance level. Price action is accelerating and the ascending trendline continues to act as a support level. Momentum indicators are bullish with RSI testing the 70 overbought line.

 

 

 

 

HK50

The HK50 has rebounded from the ascending trendline, yet, a doji candle suggests that bullish momentum is currently weak. A breakdown in the rally has not yet been recovered, perhaps signifying a shift in sentiment. Momentum indicators have flattened in bearish territory.