Eurodollar Tests Long-Term Support Level

• 18 Aug 2021

USD/JPY

The USDJPY pair has once again, rebounded from the 109.02 price level which remains as a key obstacle for sellers- containing price action. The descending trendline has been acting as a resistance zone for the pair. Momentum indicators remain in bearish territory.  

 

 

 

 

GBP/USD

The GBPUSD pair has plummeted from the descending trendline towards a recent price low at the 1.361 support level. Buyers have returned in early trading which may suggest that the pair will languish within the current trading range in the near-term. Momentum indicators have turned bearish.

 

 

 

 

EURUSD

The Eurodollar is testing a recent price low at the 1.170 support level as a sharp rise in bearish sentiment in yesterday’s trading saw the pair undo all of the previous gains. Buyers have returned in the early Asian trading session. Momentum indicators have stalled in bearish territory.

 

 

 

 

USDCAD

The USDCAD pair has moved to test the 1.263 resistance line which represents the top of a previous consolidation channel. A break would signal a full price recovery from the sell-off that was instigated in mid-April. Momentum indicators have flattened in bullish territory.

 

 

 

 

XAUUSD

XAUUSD has stalled at the 1795 resistance level as a doji in yesterday’s trading suggests waning bullish momentum. Buyers are active in the current trading session with a break likely to take price action to another resistance level at the descending trendline. Momentum indicators are bullish.

 

 

 

 

USOUSD

USOUSD continues to test the 66.27 support level and considering the number of tests, a break seems imminent. Buying pressure in yesterday’s trading prevented the break, yet sellers have returned today. A longer-term bearish bias is forming. Momentum indicators have flattened in bearish territory.

 

 

 

 

HK50

The HK50 index has broken the 25,942 support level after several attempts as bearish sentiment takes hold of the pair. A recent price low is located at the 25,029 support line where previously, a bullish rebound took place. Momentum indicators have flattened in bearish territory.