GBPUSD Approaching Key Support Area

• 24 Mar 2021

USD/JPY

The USD/JPY pair has finally broken the 108.89 price level and is fading towards the 107.93 support area. Currently, bearish momentum remain weak and therefore a complete reversal of the rally appears unlikely. Momentum indicators are beginning downward trajectories.

 

 

 

 

 

GBP/USD

The GBPUSD pair ha pulled back to the ascending trendline after a break of the 1.380 support level. The spike in selling activity may be short-lived, however, as typically price action turns bullish after testing the trendline.  Momentum indicators have downward trajectories.  

 

 

 

 

 

EURUSD

The Eurodollar has moved to test the 1.184 price level once again, as a range has formed between the 1.184 and 1.198 price levels. A break would indicate a total price reversal, essentially undoing gains made since the Covid-19 outbreak. Momentum indicators remain in bearish territory. 

 

 

 

 

 

USDCAD

The USDCAD is testing the ascending trendline line which has been acting as a strong resistance area for the pair, containing rallies. Considering the fact that the pair is an established petrocurrency, we may expect weakness as economic conditions continue improve. Momentum indicators have upward trajectories. 

 

 

 

 

XAUUSD

XAUUSD is testing the descending trendline which has been established as a strong resistance area for the pair. Neither buyers nor sellers are dominating price action and the pair may hug the trendline going forward. Momentum indicators have flattened in bearish territory.

 

 

 

 

USOUSD

The USOUSD has broken the 59.28 support level as well as the descending trendline. The next target is the 53.69 support level as the commodity struggles to sustain the stabilizing price of $60 per barrel. Momentum indicators have sharp downward trajectories.

 

 

 

 

US500

US500 oscillations are beginning to narrow indicating that a potential breakout is on the cards. The index is moving closer to the apex of an ascending triangle which is typically a bullish continuation pattern. Momentum indicators are languishing in bullish/neutral territory.