Eurodollar Tests Recent Price Low

• 11 Aug 2021

USD/JPY

The USDJPY pair is now testing the 110.66 price level, as bullish sentiment begins to climb. This resistance area has been an obstacle in the past, where sellers have typically returned, therefore strong bullish conviction will be required. Momentum indicators have begun upward trajectories.  

 

 

 

 

GBP/USD

The GBPUSD pair is being driven by bearish sentiment currently, though conviction does appear to be waning. The sell-off started at the 1.395 resistance line, with the lower bound of this trading range at the 1.361 support level. Momentum indicators have flattened in neutral/bearish territory.

 

 

 

 

EURUSD

The Eurodollar is testing a recent price low at the 1.170 support level, which previously resulted in the extended rally that took price action to a ceiling at the 1.224 resistance line. The descending trendline will remain as a key resistance line. Momentum indicators are bearish.

 

 

 

 

USD/CHF

The USD/CHF has broken the descending trendline as bullish sentiment continues to dominate price action. A target exists at the 0.925 resistance level, where previously pullbacks have occurred. Momentum indicators have sharp upward trajectories.

 

 

 

 

XAUUSD

XAUUSD has stalled at the mid range of the current price channel between the 1683 and 1761 price levels. Doji candles represent indecision and currently neither buyers nor sellers have the appetite to drive price action. Momentum indicators are bearish with RSI testing oversold conditions.

 

 

 

 

USOUSD

USOUSD has rebounded from the 66.72 support level as another attempt to drive a downtrend is contained by buyers. The ascending trendline will now serve as a resistance level, going forward. Momentum indicators have stalled in oversold territory.

 

 

 

 

HK50

The HK50 has moved back towards the 27,117 resistance line, which represents the lower bound of a long-term consolidation channel. Currently bullish momentum is dominating and a test seems imminent. Momentum indicators have moderate upward trajectories.