A Bearish Reversal On The Cards For NDX100?

• 14 Jul 2021

USD/JPY

The USDJPY pair will likely hug the ascending trendline as price action traces the resistance area and moves higher.  The 111.42 resistance area remains in sight and will represent a target for price action. Momentum indicators have moderate upward trajectories.

 

 

 

 

GBP/USD

The GBPUSD pair continues to test the 1.380 support level, as bearish sentiment continues to influence price action. A break is yet to materialise and therefore the pair may continue to consolidate in range. Momentum indicators remain bearish.

 

 

 

 

EURUSD

Eurodollar buyers have struggled to gain any traction as several rally attempts have been stopped by strong bearish sentiment. The ascending trendline has recently been established as a resistance zone for the pair which has now returned to the 1.170-1.184 trading range. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCHF

The USDCHF has begun to climb back towards the 0.925 resistance line which has represented a hurdle for buyers on two previous occasions, therefore bullish momentum will need to be strong to facilitate and sustain a break. Momentum indicators have stalled in bullish territory.

 

 

 

 

XAUUSD

XAUUSD continues to climb towards the 1837 resistance line yet there is only a moderate bullish bias, given that a series of doji candles highlight a lack of conviction from both buyers and sellers. Whether the pair can reach the resistance line will be determined more by fundamental factors. Momentum indicators have upward trajectories.

 

 

 

 

USOUSD

The USOUSD is climbing back towards the 75.74 price high, where previously price action was rejected. Bullish sentiment is rising into the move after a short break in the rally. Momentum indicators show that there is further upside potential and trajectories remain bullish.

 

 

 

 

NDX100

The NDX100 index is testing the 14,874 resistance line where selling pressure appears to have risen. Bullish conviction currently looks too weak to facilitate a break and continue the rally. Momentum indicators suggest the index is oversold.