Eurodollar Hits A Wall

• 23 Apr 2021

USD/JPY

USDJPY price action continues to fade closer to the ascending trendline, with a series of doji candles indicating that neither buyers nor sellers are dominating. As the pair edges closer to the trendline, we may start to see the return of buyers. Momentum indicators are bearish with MACD breaking the zero line.

 

 

 

 

GBP/USD

The GBPUSD pair is heading towards the apex of an ascending triangle, which represents a bullish continuation pattern. If price action rebounds once again from the lower bound of the triangle, longer-term bullish sentiment seems likely to prevail. Momentum indicators are bullish.  

 

 

 

 

 

EURUSD

The Eurodollar continues to test the trendline as price action traces this recent resistance level. A longer-term downtrend has been established and with bullish momentum remaining weak, the trend is set to continue. Momentum indicators are bullish with RSI flattening just below overbought conditions. 

 

 

 

 

USDCHF

The USDCHF is starting to recover from the recent sell-off and break of the 0.922 support level. Given the current lack of conviction, the pair may consolidate within the current range until fundamental factors evolve. Momentum indicators have flattened in bearish territory. 

 

 

 

 

USDCAD

The USDCAD continues to head lower with the descending trendline continuing to act as a support level for the pair. Price action is also being contained by the 1.263 resistance area, yet oscillations are beginning to widen and the downtrend may resume given the slight bearish bias. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

XAUUSD

XAUUSD has stalled after the break of the 1774.35 resistance line. The break represents the return to a previous trading range between the 1774.35 and 1871.22 price levels. Momentum indicators are bullish with RSI fast approaching overbought conditions. 

 

 

 

 

USOUSD

USOUSD has oscillated back and forth from the ascending trendline, as the longer-term rally remains intact. The 63.35 resistance line continues to pose an obstacle to buyers. Momentum indicators are neutral with both bouncing along the default line.