Uptrend Accelerates For NDX100

• 24 Aug 2021

USD/JPY

The USDJPY pair is moving closer to the apex of a descending triangle, as oscillations continue to narrow within a tight trading band. The trendline represents the upper bound of the triangle and the 109.02 is the lower bound. A bearish breakout may therefore be anticipated in the future. Momentum indicators have flattened in neutral territory.  

 

 

 

 

GBP/USD

The GBPUSD pair is beginning to make a comeback after a sell-off which began after a rejection of the 1.395 resistance zone. The descending trendline has so far, contained any bullish breakout attempts as longer-term sentiment remains bearish. Momentum indicators remain in bearish territory.

 

 

 

 

EURUSD

The Eurodollar has broken the 1.170 support level and will now move to test both the 1.177 resistance line and descending trendline. Previous tests have resulted in rejections and subsequent selling activity. Without a significant change in fundamentals the bearish sentiment will likely continue. Momentum indicators remain in bearish territory.

 

 

 

 

USDCAD

USDCAD has sold off after a test of the 1.290 price ceiling, which has resulted in a break of the 1.274 support level and a subsequent test of the 1.263 price line. The ascending trendline has also contained price action resulting in a longer-term uptrend. Momentum indicators are undergoing reversals.

 

 

 

 

XAUUSD

XAUUSD has moved to test the descending trendline, which on previous occasions, has resulted in retracements. Longer-term, sentiment remains bearish, however buyers have shown conviction into the move. Momentum indicators are bullish.

 

 

 

 

USOUSD

The USOUSD has found support and as such is moving back towards the 66.27 resistance zone. A break would signal a price recovery after a strong sell-off saw the commodity fast approaching the $60 per barrel range. Momentum indicators are turning bullish.

 

 

 

 

NDX100

The NDX100 has broken through a recent price ceiling in the first sign of a sharp longer-term uptrend. A rally has been well established and pullbacks have typically be contained by the ascending trendline, however, in recent months, price action has sharply accelerated away from this support level. Momentum indicators highlight further upside potential.