Bullish Breakout For XAUUSD

• 15 Feb 2022

USD/JPY

The USDJPY pair has stalled at the 115.41 price line, as small-bodied candles indicate a slowdown in the sell-off that started after a test of the 116.15 resistance line. The pair may now trade sideways until encountering the ascending trendline once again.

 

 

 

 

GBP/USD

The GBPUSD pair is beginning to float lower as bullish appetite wanes. A series of doji/small-bodied candles suggest some struggle between buyers and sellers yet neither have the conviction to drive price action. The pair is likely to float lower with intermittent tests of the descending trendline.    

 

 

 

 

EURUSD

The EURUSD has broken the descending trendline in a strong signal of bearish conviction. Buyers have returned in early trading and therefore it remains to be seen how long the break will hold. Another support level exists at the 1.120 price line. Momentum indicators have downward trajectories.

 

 

 

 

XAUUSD

XAUUSD has broken out of the recent consolidation range at the 1866 resistance level, as strong bullish momentum has seen the metal break several resistance levels. The question is: how long will the support last? Momentum indicators suggest that the pair is overbought.  

 

 

 

 

 

USOUSD

The USOUSD has moved back into $90 per barrel territory as recent trading has been dominated by buyers. Support does appear to be waning as a struggle between buyers and sellers in yesterday’s trading resulted in a smaller-bodied candle. Momentum indicators are signaling a potential reversal. 

 

 

 

 

ASX200

ASX200 has tested the 7138 support line once again yet a long legged doji suggests that a trend change may be on the cards. In today’s session buyers have returned to the index, though it remains to be seen just how much support is behind the move. Momentum indicators have upward trajectories.  

 

 

 

 

NDX100

NDX100 has stalled after a break of the 14,493 support level as the sell-off appears to have lost steam. Price action therefore seems likely to remain within the 13,928-14,493 range. Momentum indicators have stalled in bearish territory.