Is HK50 Entering A Longer-term Downtrend?

• 13 Aug 2021

USD/JPY

The USDJPY pair is tracing the descending trendline downwards, with a series of doji candles representing a lack of conviction from both buyers and sellers. The move is less about a rise in bearish sentiment and more waning bullish sentiment. Momentum indicators have stalled in neutral/bullish territory.  

 

 

 

 

GBP/USD

The GBPUSD pair has pulled back to the 1.380 support level where typically, oscillations have been contained. Given the sharp rise in selling activity a break could be imminent. Momentum indicators have begun downward trajectories with MACD breaking the zero line to the downside.

 

 

 

 

EURUSD

The Eurodollar is making a moderate recovery from the 1.170 price low, although currently, bullish conviction remains weak. A target exists at the 1.177 price line which represents a previous support level. Momentum indicators have flattened in bearish territory.

 

 

 

 

XAUUSD

XAUUSD has moved to test the 1761 resistance level, which represents the lower bound of a previous trading range. Currently, bullish conviction appears low and price action may therefore consolidate within the current range.  Momentum indicators are recovering from oversold conditions.

 

 

 

 

USOUSD

USOUSD appears to be struggling to recover as sellers have returned, containing the rally attempt. The 66.72 price level will remain as a key support level. The pair is likely to oscillate within the current range, though a longer-term bearish trend appears to be forming. Momentum indicators have downward trajectories.

 

 

 

 

HK50

The HK50 has failed to clear the descending trendline in confirmation of the longer-term bearish bias. Selling activity has risen at this resistance level, which may take price action towards the 25,942 support level. Momentum indicators have flattened in bearish territory.

 

 

 

 

NDX100

The NDX100 continues to test the 15,188 price high and low liquidity is impacting price action and the conviction behind any bullish moves. A reluctance from sellers to dominate price action may see buyers able to facilitate a break on future attempts. Momentum indicators have stalled just below overbought conditions.