NDX100 Approaches Key Resistance Zone

• 3 Mar 2022

USD/JPY

USDJPY price action has broken the 115.41 resistance line, yet previous breaks have tended to be short-lived. Bullish conviction drove the break in yesterday’s session and it remains to be seen whether it an be sustained. Momentum indicators are bullish.   

 

 

 

 

GBP/USD

The GBPUSD pair continues its contest at the 1.338 price line, as neither buyers nor sellers appear to have enough support to drive price action given the uncertainty in fundamentals. Momentum indicators are undergoing recoveries yet remain in bearish territory.  

 

 

 

 

EURUSD

The EURUSD sell-off appears to have stalled denoted by a doji in yesterday’s trading. The stall may not mean a reversal is on the cards yet, however, further downside does appear limited. Momentum indicators have also decelerated the downward trajectories and RSI is testing oversold conditions.  

 

 

 

 

USDCAD

The USDCAD pair has broken the 1.263 support level yet buyers appear determined to contained the break. Each previous test of this support line has resulted in a rebound and the consolidation channel has remained intact. Momentum indicators have downward trajectories. 

 

 

 

 

XAUUSD

XAUUSD sellers have returned and the metal may now move back towards the 1906 support line which represented a key resistance line in the previous rally. A break seems unlikely as global markets look to hedge in times of uncertainty. Momentum indicators have flatlined in bullish territory and are floating along the overbought line.  

 

 

 

 

US500

The US500 has found support and is beginning to move away from the 4306 price line. The move has put the descending trendline back in sight which is a resistance zone that has developed over the medium-term signifying a bearish bias.   

 

 

 

 

NDX100

The NDX100 is close to testing a key resistance area that has contained previous rallies since late December 2021. Currently, bullish conviction is moderate and may be insufficient to drive a break. Momentum indicators have upward trajectories yet remain in bearish territory.