US Dollar Finds Support At End Of Trading Week

• 6 Aug 2021

USD/JPY

The USDJPY pair has moved to test the descending trendline once again, after buyers returned at the 109.13 support level. Typically, price action has rejected this resistance area in the past. Momentum indicators remain in bearish territory.  

 

 

 

 

GBP/USD

The GBPUSD pair is floating along just below the 1.395 price level, as several break attempts have contained price action within the current trading range. Selling activity has risen on each break attempt indicating some bearish bias in the pair. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

EURUSD

Eurodollar has moved back towards the descending trendline where once again, price action rejected the resistance zone. The pair is likely to returned to the 1.177 support level which represents a key obstacle for sellers. Given the longer-term trajectory, however, a bearish breakout can be anticipated. Momentum indicators are neutral/bearish.

 

 

 

 

USD/CHF

The USD/CHF is continuing to climb away from the 0.904 support line although currently, bullish momentum is weak. A doji candle in yesterday’s session indicates low conviction from buyers. The descending trendline will likely contain price action for the time being. Momentum indicators remain in bearish territory.

 

 

 

 

USDCAD

USDCAD has pulled back towards the ascending trendline where bullish rebounds typically occur. Another rebound would take price action back towards the 1.263 resistance line and form a break out of the current consolidation channel. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

XAUUSD

XAUUSD has returned back to the lower bound of the symmetrical triangle and 1795 support level. On previous occasions, buyers have returned at this price level. Oscillations are set to continue towards the apex of the triangle where a breakout can be anticipated. Momentum indicators have flattened in neutral territory.

 

 

 

 

USOUSD

The USOUSD has rebounded before even reaching the 66.75 support level indicating strong conviction from buyers returning to the commodity. The ascending trendline is set to act as a key resistance zone, which price action is likely to trace higher. Momentum indicators remain in bearish territory.