Can The HK50 Break Out Of Consolidation Range?

• 28 Jun 2021

USD/JPY

USDJPY has stalled after the break of the 110.69 resistance line, yet currently, bearish momentum remains weak and a full retracement has not materialised. A bullish breakout may be anticipated as the pair moves closer to the apex of the triangle. Momentum indicators have flattened in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair has pulled back from the 1.399 resistance area in another confirmation that the pair is now languishing in a consolidation range. Buyers appetite continues to fade and new rally attempts are short-lived. Momentum indicators have downward trajectories.

 

 

 

 

EURUSD

The Eurodollar has stalled after rebounding from the ascending trendline. A lack appetite from buyers have been met with rising selling pressure. Doji candles represent indecision and neither buyers nor sellers are dominating price action. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

The USDCAD rally is beginning to fade as bearish sentiment began to rise after the break of the descending trendline. Price action has begun to stabilize at the 1.230 price level, yet fundamental factors will have the biggest influence on the pair. Momentum indicators have flattened in bullish territory.

 

 

 

 

XAUUSD

XAUUSD has lost momentum and is now floating sideways with a series of doji candles indicating indecision. Some containment is taking place at the 1795 price level and the ascending trendline continues to act as support. Momentum indicators have flattened in bearish territory.

 

 

 

 

US500

The US500 has broken the 4256 resistance area providing further weight to an already well-established long-term rally. The break has been followed by weaker bullish moves, however, buyers still dominate price action for the index. Momentum indicators have upward trajectories. 

 

 

 

 

HK50

The HK50 is beginning to climb towards the 29,518 resistance level which has been an obstcale for buyers in the past. Typically, sellers return at this price level yet bullish momentum looks strong into the move and a break may materialise. Momentum indicators confirm the bullish sentiment.