A Trend Change For USOUSD?

• 19 Mar 2021

USD/JPY

The USD/JPY pair has stalled at the 108.89 resistance level, despite rising selling pressure in recent trading. A break is yet to materialise indicating low conviction from sellers. The pair may continue to fade along the resistance level until fundamentals picture changes. Momentum indicators remain bullish with RSI bouncing along the overbought line.

 

 

 

 

 

GBP/USD

The GBPUSD pair is ranging within the 1.373 and 1.413 price levels. The pair will continue to trade horizontally in the near-term, as economic conditions begin to stabilize. Momentum indicators have flattened in neutral/bullish territory.  

 

 

 

 

 

EURUSD

The Eurodollar has failed, once again, at the 1.195 price level, as buyers struggle to overcome this resistance area. Longer-term sentiment remains bearish and the pair may oscillate within the 1.184-1.195 range. Momentum indicators remain in bearish territory. 

 

 

 

 

 

USDCHF

The USDCHF has reversed some of the previous gains as favour moves away from the US dollar. Selling pressure remains as the pair continues to touch the 0.928 resistance line. A bearish trend is beginning to form with lower highs in price action. Momentum indicators are on a downward trajectory. 

 

 

 

 

 

USDCAD

The USDCAD has begun a reversal which has taken price action back towards the 1.250 resistance line. The descending trendline will again serve as a resistance area containing price action. Momentum indicators have upward trajectories. 

 

 

 

 

XAUUSD

XAUUSD has been contained by the descending trendline, as sellers return on the rebound. Price action may again return to the 1682 support level, which is recent price floor. A longer-term bearish bias is well-established therefore it will require significant conviction from buyers to drive a price recovery. Momentum indicators are languishing in bearish territory.

 

 

 

 

USOUSD

The USOUSD has broken the descending trendline, signaling a potential price reversal. The break has stalled at the 59.28 support level which may indicate a lack of conviction from buyers to fully drive a trend change. Fundamental factors will play a significant role in price action. Momentum indicators have sharp downward trajectories.