WS30 Stalls At Key Resistance Zone

• 21 Mar 2022

USD/JPY

The USDJPY pair has moved toward the 119.19 price level despite waning bullish momentum. Given that momentum indicators reflect that the pair is strongly overbought, the current rally may not last, especially considering the smaller-bodied candles into the move.  

 

 

 

 

 

GBP/USD

The GBPUSD pair has broken the 1.310 resistance line and is heading towards the 1.320 resistance line- which represents a previous support. Momentum indicators have upward trajectories as reversals are confirmed and bullish support continues.  

 

 

 

 

EURUSD

The EURUSD is climbing back towards the 1.113 resistance line as buyers attempt to form a rally. Sellers have returned in recent trading which may suggest that support is insufficient to break out of range. Momentum indicators are bullish with moderate upward trajectories. 

 

 

 

 

USDCAD

The USDCAD has pulled back to the ascending trendline, where price action has stalled and where on previous occasions, a bullish rebound has occurred. Momentum indicators have turned bearish with MACD breaking the zero line to the downside.  

 

 

 

 

XAUUSD

The XAUUSD continues to bounce along the 1917 support level, as oscillations start to narrow and neither buyers nor sellers appear to have the appetite to drive price action. The current trading range appears likely to remain intact, as momentum indicators flatten in neutral territory. 

 

 

 

 

USOUSD

The USOUSD has begun to climb back from the 93.78 support level as buyers find support to restart the rally. The commodity has moved further into the $100 per barrel range and the question is whether price action will return to the 121 price ceiling. Momentum indicators have moderate upward trajectories. 

 

 

 

 

WS30

The WS30 has rejected the descending trendline as sellers return to the index. The rally appears to have been stalled despite strong bullish momentum into the move, hence further highlighting the significance of the trendline as a key resistance zone.