Gold Tests Key Resistance Zone

• 27 Aug 2021

USD/JPY

The USDJPY pair continues to test the trendline, yet doji candles indicate little conviction behind the move. The pair will likely now trace the trendline downwards, unless there is a significant change in sentiment. Momentum indicators have flattened in neutral territory.  

 

 

 

 

GBP/USD

The GBPUSD pair continues to oscillate within the 1.361 and 1.395 trading range, although there is a clear bearish bias, with the descending trendline containing price action. The current trajectory with take the pair towards a price low at the 1.361 support level. Momentum indicators are bearish.

 

 

 

 

EURUSD

The Eurodollar appears to be retracing once again at the 1.177 resistance line after a break of the trendline. It appears sellers are still active and currently dominating price action. The pair may now trace the trendline back towards the 1.170 support line. Momentum indicators remain in bearish territory. 

 

 

 

 

USDCAD

The USDCAD surged in yesterday’s trading, resulting in a return to the trading range between the 1.263 and 1.274 price levels. A clear, established upward trajectory will likely continue while being contained by the trendline. A test of the 1.274 resistance area is on the cards. Momentum indicators have stalled in bullish territory.

 

 

 

 

XAUUSD

The XAUUSD continues to test the 1795 resistance line and trendline where price action is typically rejected. Price action will likely trace the trendline lower considering bullish conviction remains low. A pullback to the 1761 support line seems the most likely outcome. Momentum indicators have upward trajectories.

 

 

 

 

USOUSD

The USOUSD has stalled after the break of the 66.27 resistance line, as a series of doji candles indicate indecision. Horizontal trading will likely ensue in the absence of any change in fundamentals. The commodity appears to be entering into a descending triangle pattern. Momentum indicators have upward trajectories.

 

 

 

 

ASX200

The ASX200 index has pulled back towards the 7399 support level after a recent test saw the return of buyers. The index will likely oscillate within the current range going forward, after a recent rejection of the 7617 price ceiling. Momentum indicators have downward trajectories.