The USDJPY pair has begun to form a clear and distinct uptrend after several tests of the lower bound of an ascending triangle have not resulted in a break. Higher highs and higher lows confirm the rally and oscillations are likely to narrow the closer price action moves to the apex. Momentum indicators have flattened in neutral territory.
The GBPUSD pair spiked towards the descending trendline in the last trading session, yet a pullback indicates that bullish momentum may be insufficient to drive a break. Oscillations have widen within the 1.361-1.395 range. Momentum indicators are bullish.
The Eurodollar has begun to float back towards the 1.177 support level as buyers appear to have lost steam after the most recent rally was rejected at the 1.188 resistance line. There is a moderate bearish bias and price action is likely to be contained within the current trading range. Momentum indicators have turned bearish.
The USDCAD has been volatile in recent trading with each session resulting in a switch up of dominance between buyers and sellers. Price action does have a moderate bullish bias, however, with price action moving closer tot he 1.274 resistance area. Momentum indicators have flattened in bullish territory.
The XAUUSD price action has narrowed significantly at the 1795 support level as neither buyers nor sellers appear to have the appetite to drive a move. The metal has been contained within the 1795-1831 range, with the ascending trendline also acting as a resistance zone. Momentum indicators have flattened in neutral territory.
The USOUSD index has broken back above the ascending trendline in a sign of strong bullish sentiment. Volatile prices has seen price action oscillate within the $60 per barrel range. The next move is likely to test the $70 per barrel target next. Momentum indicators have upward trajectories.
The ASX200 index has pulled back to the ascending trendline and 7399 support level which represents a previous resistance zone for a consolidation period. A break was short-lived and immediately followed by buying activity. Price action is likely to return to the 7399-7617 range. Momentum indicators are undergoing reversals.