Pressure Building In USOUSD

• 27 Apr 2021

USD/JPY

USDJPY price action didn’t make it as far as the ascending trendline before buyers returned. The pair is now headed back towards the 108.55 price line which represented a key resistance level for the previous rally. Momentum indicators are also undergoing bullish reversals. 

 

 

 

 

 

GBP/USD

The GBPUSD pair is moving ever closer to the apex of the ascending triangle, though there appears to be little contest from sellers, as moderate bullish sentiment prevails. Going forward, price action will likely continue hugging the trendline. Momentum indicators are bullish.  

 

 

 

 

 

EURUSD

The Eurodollar has broken through a wall at the descending trendline, however, the initial conviction shown by buyers has started to wane. The next few trading sessions will determine whether the current move is a pullback or reversal. Momentum indicators are bullish with RSI touching overbought conditions. 

 

 

 

 

USDCAD

The USDCAD is testing two support levels; the 1.239 support level as well as the descending trendline. A break would be significant and represent a recent price low. USDCAD weakness is reflective of a recovering oil market and the slow return of global demand. Momentum indicators remain in bearish territory, with RSI closing in on the oversold line. 

 

 

 

 

XAUUSD

XAUUSD is now glued to the 1774.35 price line as buyers fail, once again, to generate a rally. A series of doji candles indicate indecision where sellers also lack the appetite to drive price action. Momentum indicators have flattened in  bullish territory. 

 

 

 

 

USOUSD

USOUSD price action is heading towards the apex of a symmetrical triangle, where a breakout seems imminent. Price action and oscillations have narrowed, which is also typical ahead of a breakout. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

ASX200

ASX200 has failed at the 7082.19 price ceiling and therefore will likely continue to consolidate within the current trading range in the near-term. There is a moderate long-term uptrend, yet short-term bullish momentum remains weak. Momentum indicators have flattened in bullish territory.