XAUUSD Falters At Close Of Trading Week

  • 4 Jun 2021


The USDJPY pair has found support and is making moves towards the recent ceiling at the 110.69 price level. Previously, price action rejected this price area, therefore strong bullish conviction will be required. Momentum indicators have bullish trajectories.






The GBPUSD pair has started to pull back from the 1.418 resistance level, as sellers have begun to drive price action. A key support level exists as the ascending trendline where typically, bullish rebounds take place. Momentum indicators have downward trajectories.






The Eurodollar has broken the ascending trendline and the 1.217 support level as strong bearish sentiment has reversed the rally. The pair may now return to a period of consolidation within this trading range between the 1.198 and 1.217 price levels. Momentum indicators have downward trajectories.






The USDCAD pair is undergoing a bullish reversal as a change in price direction has resulted in a break of the 1.206 support level. Bullish conviction will be tested as previous rally attempts have been short-lived. Momentum indicators signal strong bullish sentiment. 






The XAUUSD rally has, once again, been thwarted and sellers have begun to dominate price action. The result is a break of both the ascending trendline and the 1870 support level which have acted as key support levels. Price action has now returned to a consolidation range. Momentum indicators have sharp downward trajectories.






USOUSD has broken out of the 66.75 resistance level and ascending trendline, yet conviction currently remains weak. Small-bodied candles may be the first signal that the current rally may not last. Momentum indicators have bullish trajectories, though RSI is approaching overbought conditions.






The WS30 index has rejected that first gap fill line at the 29,518 price level, as sellers have returned. Price action has been consolidating within the 27,666-29,518 range since the end of February this year and clearly, strong bullish conviction will be required to drive the break. Momentum indicators have downward trajectories.
























Sign up to get started

Open Demo Account
Open Live Account