A Bullish Rebound On The Cards For USDJPY?

• 26 Apr 2021

USD/JPY

USDJPY price action is approaching a key support area at the ascending trendline, with a series of doji candles indicating that neither buyers nor sellers are dominating. Typically, this support area has resulted in bullish rebounds. Momentum indicators are bearish with RSI approaching oversold conditions.

 

 

 

 

 

GBP/USD

The GBPUSD pair is oscillating along the ascending trendline, therefore there is still a moderate bullish bias to price action. There is an upper bound to an ascending triangle at the 1.143 price level and as the pair moves closer to the apex, we can expect this resistance area to be tested. Momentum indicators are bullish.  

 

 

 

 

 

EURUSD

The Eurodollar has broken through a wall at the descending trendline. The 1.217 resistance line is in sight and represents a significant hurdle in which buyers struggled to overcome in the past, leading to an extended bearish move.  Momentum indicators are bullish with RSI touching overbought conditions. 

 

 

 

 

USDCHF

The USDCHF weakness continues with a break of the 0.922 support level. The move is set to continue after a short-lived return of buyers which has given way to further selling activity. Momentum indicators are moving into bearish territory, with RSI closing in on the oversold line. 

 

 

 

 

USDCAD

The USDCAD continues to trace the descending trendline. Oscillations have narrowed and in recent trading smaller-bodied candles have formed. A recent price low exists at the 1.239 support level and a test with determine the longer-term trajectory for the pair. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

XAUUSD

XAUUSD has failed to clear the 1774.35 resistance line in a sign of waning bullish momentum. Price action has returned to a previous trading range and the question is whether it can be contained between these two prices. Momentum indicators are bullish with RSI fast approaching overbought conditions. 

 

 

 

 

USOUSD

USOUSD has climbed back towards the 63.35 resistance line, which has provided an obstacle to buyers in the past. Given current bullish sentiment remains weak, a break seems unlikely. Momentum indicators have flattened in neutral/ bullish territory.

 

 

 

 

HK50

HK50 has begun to climb back towards the 29,518.35 resistance level, yet price action has been contained within the current range for some time as nether buyers nor sellers are dominating price action. Momentum indicators have upward trajectories with MACD testing the zero line.