A Reversal On The Cards For USOUSD?

• 29 Jun 2021

USD/JPY

USDJPY is retracing from of the 110.69 resistance line, though currently, bearish momentum remains weak. The ascending trendline remains a key support area for the pair where typically, bullish rebounds occur. Momentum indicators have begun downward trajectories.

 

 

 

 

GBP/USD

GBPUSD sellers are beginning to dominate price action and as such, the pair is now headed back towards the 1.380 support level. On a previous occasions, buyers have returned at this price level. Momentum indicators have flattened in bearish territory.

 

 

 

 

EURUSD

The Eurodollar has flattened mid-range between the 1.184 and 1.198 price levels. Doji candles represent indecision and neither buyers nor sellers are dominating price action. The pair may now consolidate within the current trading range. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

The USDCAD will make another attempt at the descending trendline as bullish momentum continues to influence price action. Typically, tests of the trendline have resulted in pullbacks in the past. Momentum indicators have upward trajectories.

 

 

 

 

USOUSD

USOUSD has lost momentum and is now retracing from the 73.87 resistance line. Given the extent of the longer-term rally, significant bearish conviction will be required to facilitate a trend change. Momentum indicators are beginning reversals.

 

 

 

 

JP225

The JP225 index is oscillating towards the 28,532 support level with the descending trendline acting as a key resistance level. Previous attempts have seen sellers rejected at this support level. Momentum indicators have flattened in bullish territory. 

 

 

 

 

ASX200

The ASX200 has faded back towards the 7262 support level, where price action may now consolidate especially considering bearish momentum appears weak. A break of the support level would likely send the index back towards the ascending trendline. Momentum indicators have downward trajectories.