Eurodollar Is On The March

• 2 Sep 2021

USD/JPY

The USDJPY pair made an attempt at a breakaway rally in yesterday’s trading, yet the move was short-lived, as price action has now returned to the descending trendline. A bearish bias appears to be holding in the medium term. Momentum indicators have flattened in neutral territory.  

 

 

 

 

GBP/USD

The GBPUSD pair will, once again, test the descending trendline though a series of doji candles indicate a lack of conviction from buyers. The pair will continue to test this resistance area until there is a change in fundamentals. Momentum indicators have flattened in bearish territory.

 

 

 

 

EURUSD

The Eurodollar continues to climb away from the 1.177 resistance line, keeping the 1.188 line in sight. Bullish momentum appears to ebb and flow with sellers still active into the move and hence, buyers’ conviction will be tested. Momentum indicators are bullish. 

 

 

 

 

XAUUSD

The XAUUSD continues to float mid-range within the 1795 and 1831 price levels. The upper bound of the range has proven to be an obstacle for buyers in the past, therefore strong conviction will be required. Momentum indicators are bullish.

 

 

 

 

ASX200

The ASX200 continues to float back towards the 7399.95 support level and ascending trendline. A moderate bearish bias dominates price action with small bodied candles indicating a lack of appetite from both buyers and sellers.  Momentum indicators have downward trajectories.

 

 

 

 

HK50

The HK50 has continued its bullish run after the break of the trendline indicating strong conviction from buyers. The question is whether conviction is strong enough to test the 26,825 resistance area which represents the ‘gap-fill’ line of a recent bearish move. Momentum indicators have upward trajectories.

 

 

 

 

JP225

The JP225 has failed to move beyond two key resistance areas in the last few trading sessions. The 28,532 resistance line and descending trendline have proven to be an obstacle despite strong bullish momentum. Momentum indicators are bullish with MACD breaking the zero line.