An Adjustment Or A Reversal For The NDX100?

• 10 Dec 2020

USD/JPY

The USD/JPY pair is testing both the 104.29 resistance level and descending trendline. On previous occasions price action has been rejected at this resistance area, as a longer-term downtrend is well-established. Momentum indicators have upward trajectories.

 

 

 

 

GBP/USD

The GBP/USD pair has stalled at the 1.338 price level, as neither buyers nor sellers have been able to dominate near-term price action. A period of consolidation in the rally is likely to occur at this recent price high. According to momentum indicators, there is potential for further upside, however, price action will be determined by fundamental factors. 

 

 

 

 

EURUSD

The Eurodollar appears to be retracing from the previous rally. A lack of buyers at this price level seems more responsible for the move rather than any true conviction from sellers. Momentum indicators have also turned bearish, with RSI breaking the 70 resistance line. 

 

 

 

 

USDCHF

The USDCHF pair continues to stall at the 0.887 support level, where a new trading range may be established given the lack bearish momentum in recent price action. Momentum indicators suggest the pair is oversold and have flattened in bearish territory. 

 

 

 

 

USDCAD

USDCAD buyers are beginning to return after the most recent sell-off took price action to test the 1.278 support level. Doji candles may suggest that a price reversal is imminent. Momentum indicators are bearish with RSI testing oversold conditions. 

 

 

 

 

 

 

 

 

XAUUSD

XAUUSD has rejected the 1860.18 price level which represents the floor of a previous trading range. Sellers are still not willing to relinquish control in the metal and it appears the established downtrend will be hard to stop. Momentum indicators have stalled at the bearish/neutral zone. 

 

 

 

 

NDX100

The NDX100 has seen the return of sellers not long after the break of the 12,423 resistance line to the upside. The pullback may be a small adjustment in the rally, however, the index has broken back below the recent price high. Bearish momentum reversal are underway which may indicate an end to the rally.