Bullish Moves For USOUSD

• 3 Feb 2021

USD/JPY

The USD/JPY pair has stalled mid-rally, with a series of doji candles indicating that the pair may be on the verge of a reversal. Currently, there is a lack of conviction from sellers and price action will likely oscillate between the 104.28- 105.40 price levels. Momentum indicators are bullish with RSI testing overbought conditions.

 

 

 

 

GBP/USD

GBPUSD buyers and sellers are both unwilling to drive near-term price action, as such, the pair continues to hang near the 1.368 price area. A period of consolidation seems likely going forward until fundamental factors change the economic outlook significantly. Momentum indicators remain in bullish territory but appear to be starting downward trajectories.  

 

 

 

 

EURUSD

The Eurodollar has pulled back to the ascending trendline where yet a long-legged doji candle indicates indecision. A lack of buyers at this price level could see the pair reach a full break of the ascending trendline. The next support level is at the 1.192 price line. Momentum indicators have downward trajectories.

 

 

 

 

USDCAD

The USDCAD rally only went as far as the descending trendline where, despite a break, bullish momentum could not be sustained. The previous downtrend appears likely to resume. Momentum indicators have moderate upward trajectories.

 

 

 

 

XAUUSD

The XAUUSD has bounced back from the 1860 resistance line and descending trendline, once again. Buyers have again returned at the 1829 price line which has proven to be an obstacle for sellers. Given the pattern of price action (a descending triangle) a bearish breakout seems imminent. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

USOUSD

The USOUSD has moved beyond a recent price ceiling at the 54.48 level as bullish momentum has reignited in recent trading. The ascending trendline remains a key support level. Momentum indicators remain bullish and continue to test overbought conditions. 

 

 

 

 

WS30

The WS30 index has once again rebounded from the ascending trendline, with price action heading back towards the 31,151 resistance line. The question is whether buyers have the conviction to drive a rally once again, after previous fails. Momentum indicators are divergent; with MACD bearish and RSI bullish.