A Bullish Breakout For US500?

• 25 May 2021

USD/JPY

The USDJPY is moving towards the ascending trendline, where on previous occasions, a bullish rebound has taken place. The pair has faded towards the trendline with little conviction from buyers or sellers. Momentum indicators are neutral.

 

 

 

 

GBP/USD

The GBPUSD pair continues to consolidate at the 1.413 resistance area with doji candles representing indecision. Neither buyers nor sellers have the conviction currently to drive price action. Fundamental factors will drive the pair out of this deadlock. Momentum indicators have flattened in bullish territory. 

 

 

 

 

 

EURUSD

The Eurodollar is once again making moves towards the 1.232 ceiling. Bullish moves in the last two trading session suggest buyers have been reinvigorated. At the very least, the current trading range is likely to remain intact. Momentum indicators remain bullish. 

 

 

 

 

USOUSD

The USOUSD has moved towards the 66.72 resistance area and a break seems inevitable given the number of times the commodity has tested this price area. Long-term, favour still lies with bulls with the ascending trendline now acting as a resistance level. Momentum indicators are bullish.

 

 

 

 

US500

US500 has rebounded from the ascending trendline and it seems most likely that another test of the 4233 resistance area is on the cards. A previous break attempt was met with an increase in selling activity. Momentum indicators are bullish.

 

 

 

 

NDX100

The NDX100 has started another climb towards the 14044 price ceiling. Oscillations have begun to narrow and the index may move out of the consolidation and resume the rally. Significant bullish conviction will be required to form a break of the price ceiling. Momentum indicators have sharp upward trajectories. 

 

 

 

 

JP225

JP225 has moved to test the 28532 price line which represented a strong support level in the past. Therefore, strong bullish support will be required to facilitate the break. Longer-term sentiment is bearish with lower lows forming since a rally attempt in January. Momentum indicators have upward trajectories.