USOUSD Is Beginning A Bullish Recovery

• 3 Dec 2021

USD/JPY

The USDJPY pair has pulled back to the 112.77 support line and ascending trendline. Bullish candles indicate that the sell-off may have come to an end and that price action will be contained within the 112.77 and 115.41 range. Momentum indicators have downward trajectories with MACD testing the zero line. 

 

 

 

 

 

GBP/USD

The GBPUSD pair has stalled just below the 1.341 support level as a series of doji candles indicate indecision. Selling activity has begun to rise yet price action has narrowed within the 1.320 and 1.341 range. Momentum indicators have flattened in oversold conditions.

 

 

 

 

EURUSD

The EURUSD has stalled as a rally attempt lacks the support to climb back towards the 1.153 resistance line. Sellers have become more active though conviction remains low currently. A return to the 1.120 support line seems inevitable. Momentum indicators are bearish. 

 

 

 

 

USDCAD

The USDCAD has stalled at the 1.282 resistance line. The rally has strong support yet the resistance line represents a key obstacle, where price action has pulled back on previous occasions. Momentum indicators have flattened at overbought conditions.

 

 

 

 

XAUUSD

XAUUSD price action is heading back towards the 1753 support level. A shift to bearish momentum may now see the commodity stall at the support level where previous bullish rebounds have taken place. Momentum indicators have flattened in bearish territory.  

 

 

 

 

USOUSD

The USOUSD index has climbed back towards the 66.45 resistance line. A bullish candle has broken the resistance line yet sellers have returned in early trading. Price action may now languish in the stabilizing mid- $60 per barrel range. 

 

 

 

 

US500

The US500 index has begun to pull back from the 4705 price ceiling and as such, price action is now testing the 4545 support level. Price action is now oscillating along this support level, as buyers struggle to contain price action within the current range. Momentum indicators are bearish.