USDCAD Breaks Key Support Level

• 12 Aug 2021

USD/JPY

The USDJPY pair is testing both the 110.66 price level as well as the descending trendline. Selling pressure has begun to rise as price action once again has retraced from this resistance area. Momentum indicators have begun upward trajectories.  

 

 

 

 

GBP/USD

The GBPUSD pair will begin to make another attempt at the 1.395 resistance level as buyers have returned mid-range. The change in sentiment is highlighted by the semi-gravestone doji and marks the start of another rally attempt. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

EURUSD

The Eurodollar is making moves away from the recent price low at the 1.170 support level. The next test therefore will be the 1.177 resistance level, which represents the lower bound of a previous trading range. Momentum indicators are bearish.

 

 

 

 

USD/CHF

The USD/CHF has broken the descending trendline yet bullish sentiment appears to be waning after the break. A series of doji candles represents indecision and has contained price action just below the 0.925 resistance line. Momentum indicators have sharp upward trajectories.

 

 

 

 

USDCAD

USDCAD has broken the ascending trendline, which is significant, considering the trendline is a well-established support level for the pair. The next target is the 1.245 support level. Price action may once again consolidate within the current channel if bearish momentum fails to drive a break. Momentum indicators are bearish.

 

 

 

 

XAUUSD

XAUUSD has climbed back towards the 1761 resistance level, which represents the first hurdle in an attempted price recovery. The question is whether there is enough bullish conviction to drive the break. Momentum indicators are recovering from oversold conditions.

 

 

 

 

JP225

The JP225 has been making moves towards the 28,532 resistance line in a new rally attempt. Selling activity has risen, however, in today’s trading suggesting that the index may fail to reach the intended target. Consolidation within the current channel appears to be a likely outcome of the move, especially if price action moves closer to the descending trendline which has been a strong resistance area.