US Dollar Is On The Ascent

• 17 Jun 2021

USD/JPY

USDJPY has moved to test the 110.69 resistance line as bullish momentum accelerated in yesterday’s trading. A break has not yet materialised and we may expect further oscillations before a full break is established. Momentum indicators are beginning to decelerate in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair has broken the ascending trendline to the downside and is now testing the 1.399 support level, as bearish sentiment takes over. A break would prove significant and put an end to the long-term rally. Momentum indicators have downward trajectories.

 

 

 

 

EURUSD

The Eurodollar has sunk to the 1.198 support level in the complete unwinding of the most recent bullish move. Bearish sentiment has been climbing in recent trading, yet buyers appear to have returned in early trading. Momentum indicators are bearish with MACD breaking the zero line.

 

 

 

 

USDCHF

The USDCHF has broken the 0.904 resistance level to return to the previous 0.904-0.922 trading range. If bullish sentiment in the US dollar continues, price action may now oscillate within range. Fundamental factors will determine the trajectory for the pair. Momentum indicators have clear upward trajectories.

 

 

 

 

XAUUSD

XAUUSD has pulled back towards the 1792 support level where buyers have begun to return. Another move towards the 1870 resistance line can be anticipated as fundamental factors start to dissipate. Momentum indicators have sharp downward trajectories.

 

 

 

 

US500

The US500 index has pulled back to break the 4233 price line and now test the ascending trendline. Typically price action rebounds from this support area and given the strength of the rally, we can expect the bullish trajectory to continue. Momentum indicators remain in bullish territory.

 

 

 

 

JP225

The JP225 has broken the descending trendline to the downside almost immediately after a bullish break. A move towards the 28,532 support level is likely, taking the index back towards the apex of a descending triangle, where a bearish breakout may be anticipated. Momentum indicators have turned bearish.