XAUUSD Sell-Off Has Stalled

  • 20 Sep 2021


The USDJPY pair has bounced back from the ascending trendline and seems likely to continue the horizontal trading within a tighter range. Overall, longer-term price action remains bullish with the 110.66 price line as a target. Momentum indicators are neutral. 






The GBPUSD pair has begun to sell-off as selling activity has risen in recent trading. A target exists at the 1.361 support line where typically, bullish rebounds have taken place. Momentum indicators have begun to turn bearish with MACD breaking the zero line.






The Eurodollar has broken the 1.177 support level as a sharp rise in selling took the pair towards a price floor at the 1.166 support line. A longer-term bearish trend has formed and it remains to be seen whether sellers have the conviction to drive a break of the price floor. Momentum indicators have turned bearish.






The USDCHF is moving closer to the 0.935 resistance line after breaking the 0.925 resistance area, as strong bullish momentum has begun to drive the rally. Today’s trading will determine the conviction of buyers and a break would complete a full price recovery. Momentum indicators suggest that the pair is oversold.






The USDCAD has broken the 1.274 resistance line as bullish momentum appears to be climbing into the rally. A recent high exists at the 1.282 price line and will now be a target for buyers. Overall, the longer-term trajectory is bullish. Momentum indicators have flattened in bullish territory. 






XAUUSD has once again plummeted back below the 1761 support line and has stalled just shortly after the break. A doji candle may indicate exhaustion from sellers and therefore the metal may languish at the current price level.  Momentum indicators are bearish.






The USOUSD has stalled just before hitting the 73.50 resistance line. A doji candle indicate the first sign of a price reversal for the commodity. Buying pressure remains, yet overall, there is a bearish bias. Given that momentum remains low, price action will likely remain within the current range for the near-medium term.  



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