Bullish Recovery Underway For HK50

• 17 Mar 2022

USD/JPY

The USDJPY pair appears to be stalling after bullish momentum started to lose steam. A rise in selling pressure indicates that a reversal may be on the cards as bearish sentiment appears to be rising. Momentum indicators are bullish although RSI is flattening beyond the overbought zone.  

GBP/USD

The GBPUSD pair has rebounded from the 1.300 price floor, breaking the 1.310 resistance line. Currently conviction should be sufficient to sustain the rally and return the pair to the previous trading range. Momentum indicators are bearish and undergoing reversals.

EURUSD

The EURUSD is climbing back towards the 1.113 resistance line albeit with moderate conviction. The price line represents the lower bound of a previous consolidation channel. Momentum indicators are bullish with sharp upward trajectories. 

USDCHF

The USDCHF has failed at the 0.941 resistance line, with long upper shadows reflecting the bearish sentiment. A reversal is underway with price action likely headed towards the 0.936 support line. Momentum indicators are testing overbought conditions. 

XAUUSD

The XAUUSD is starting to climb away from the 1906 support level as buying pressure begins to rise. Given current conviction levels, momentum may be insufficient to drive the break. Momentum indicators have flattened in bullish territory.  

HK50

The HK50 has surged back towards the 20,957 resistance line after hitting multi-year lows. The question is whether buyers have enough support to return to the previous consolidation range between the 22,808 and 25,117 price levels. Momentum indicators have sharp upward trajectories.  

WS30

The WS30 has rebounded from the 32,597 support line yet has stalled when hitting the 34,027 resistance level. Longer-term sentiment is bearish and previous rallies have only reached as far as the descending trendline. Momentum indicators are bullish.