XAUUSD Looks Overbought

  • 2 Jun 2021


USDJPY price action represents indecision, as a series of small bodied candles reflect a lack of activity from both buyers and sellers. The pair is likely to float back towards the ascending trendline which typically inspires the return of buyers. Momentum indicators have flattened in bullish territory.






The GBPUSD pair continues to bounce along the 1.418 resistance level, although selling activity has increased in the last few trading sessions. The ascending trendline has contained any previous pullbacks in the past. Momentum indicators are undergoing reversals.






Eurodollar price action is stuck to the ascending trendline, which remains a key support level for the pair. Doji candles could signal waning bullish momentum. The next target is the 1.232 price line which represents a recent high. Momentum indicators have stalled in bullish territory. 






XAUUSD has weak support and as such as moderate pullback in price action is underway. The ascending trendline as well as the 1870 price line continue to act as key support levels. Momentum indicators suggest that the pair is overbought and a short-term pullback may be on the cards.






The US500 index has failed to break the 4233 price line on several occasions and a series of doji candles suggest bullish momentum is weak. A well-established, long-term rally remains intact with the ascending trendline containing any sell-off attempts. Momentum indicators have flattened in bullish territory.






The ASX200 index continues to test the 7195 resistance line, as bullish momentum appears to be climbing. If bulls can continue the momentum, a break seems inevitable. Momentum indicators suggest there is further upside potential, however, are approaching overbought conditions.
























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