US500 To Head Higher?

• 12 Mar 2021

USD/JPY

The USD/JPY rally has stalled just below a recent high at the 108.89 price level. Buyers have since returned and another attempt will likely be made at the resistance level. Bullish momentum does appear to be waning with support for the US dollar beginning to fade. Momentum indicators have flattened in bullish territory.

 

 

 

 

GBP/USD

GBPUSD buyers are beginning to influence price action, which may take price action back towards the 1.413 resistance line. A moderate and well-sustained uptrend remains intact with the ascending trendline acting as support. Momentum indicators have flattened in bullish territory.  

 

 

 

 

 

EURUSD

Eurodollar buyers have returned and price action has moved beyond the 1.195 price level, taking price action back to a previous trading range. The pair has been trending downward recently, with the descending trendline acting as a resistance level. Momentum indicators have begun upward trajectories. 

 

 

 

 

 

USDCAD

The USDCAD breakout is underway as the lower bound of a descending triangle was broken, with price action now targeting a recent low at the 1.250 support level. The descending trendline will continue to act as a resistance level. Momentum indicators remain in bearish territory. 

 

 

 

 

 

XAUUSD

XAUUSD has rebounded from the 1682.37 support level, yet the uptrend has stalled mid-range between the 1682.37-1774.35 price levels. Bullish activity remains thin at the close of the trading week. Momentum indicators have upward trajectories.

 

 

 

 

US500

The US500 is returning to the price high at the 3955.68 resistance level, after another rejection of the ascending trendline. Strong bullish momentum into the rally may result in a break. Momentum indicators have upward trajectories.

 

 

 

 

NDX100

The NDX100 is heading towards the 13,309 price level once again, which represents a previous hurdle for the index. The current range has contained several of the last rally attempts. Momentum indicators have upward trajectories, with RSI approaching the mid-line and MACD approaching the zero line.