Eurodollar Breakout Has Arrived

• 11 Nov 2021

USD/JPY

The USDJPY has found support once again with strong bullish moves taking price action back towards the 114.38 resistance line. A brief break out of the consolidation range in recent trading was overcome by fundamental factors in yesterday’s session.   

 

 

 

 

GBP/USD

The GBPUSD pair is testing the 1.338 price low, as a strong sell-off in yesterday’s trading saw the pair break a recent low at the 1.341 support line. The move has cemented an already established longer-term bearish trend, yet it remains to be seen whether current price levels will be sustained or driven lower.  

 

 

 

 

EURUSD

The EURUSD has broken through the lower bound of a descending triangle, as fundamental factors coupled with a move closer to the apex drove bearish sentiment in yesterday’s trading. Whether the break is sustained remains to be seen, although a downtrend has been established since May. 

 

 

 

 

USDCHF

The USDCHF pair has rebounded from the ascending trendline in emphatic fashion as buyers returned to the dollar in yesterday’s session. It may be the impetus needed to drive price action going forward, which had previously been consolidating at the trendline.   

 

 

 

 

USOUSD

The USOUSD pair has pulled back once again after an approach to the 83.90 price line which has now been established as a key resistance zone for the commodity. Price action is likely to continue consolidating within the current range.  

 

 

 

 

XAUUSD

The XAUUSD has broken through the 1831 resistance line although already, selling activity has begun to rise with a long upper shadow representing bearish pressure in yesterday’s session. Sellers are also active in the early Asian trading session, indicting that the break may not last.  

 

 

 

 

ASX200

The ASX200 index has broken the descending trendline to the downside. The most recent rally attempt lacked support and as such the already establish bearish sentiment will likely resume. Momentum indicators are beginning reversals with MACD approaching the zero line.