Eurodollar Tests Key Support Level

• 14 Feb 2022

USD/JPY

The USDJPY pair has pulled back once again as the 116.15 rice line strengthens as a key resistance level. Buying pressure has already begun to rise at the 115.41 support level. Price action may once again move towards the ascending trendline where bullish rebounds typically occur. 

 

 

 

 

GBP/USD

The GBPUSD pair has tested the trendline on several occasions, as a series of upper shadows indicate that sellers are containing price action within range. A bearish bias in the longer-term remains intact as short-term rallies have failed to produce a breakout of range.  

 

 

 

 

EURUSD

The EURUSD has dropped back towards the descending trendline which now represents a key support area for the pair. A break has not materialised as yet and sellers’ conviction will be tested at this price line. Given the apparent lack of bullish conviction, in both the short and longer-term, a break seems inevitable.  

 

 

 

 

XAUUSD

XAUUSD has broken the 1846 resistance level and moved to test the 1866 resistance line. The test has resulted in the return of sellers and price action may now linger within the 1846-1866 trading range. Momentum indicators have bullish trajectories with RSI testing the overbought line.

 

 

 

 

 

JP225

The JP225 has moved back to the 26,624 support level after a short-lived rally. Longer-term sentiment is bearish and there appears little conviction from buyers to change the trajectory of price action. Momentum indicators have stalled in bearish territory.   

 

 

 

 

HK50

HK50 is pulling back from the 25,117 resistance line, as once again the consolidation channel remains intact. The pullback appears to be driven by waning bullish momentum more than appetite from sellers. The index may now continue to oscillate in this channel.  

 

 

 

 

NDX100

NDX100 has broken the 14,439 support level as a rise in bearish sentiment in recent trading has driven price action lower. A recent price floor exists at the 13,928 price level yet, bearish price action has already started to decelerate.  Momentum indicators have stalled in bearish territory.