USOUSD Plummets Back To $60 Per Barrel Range

• 1 Dec 2021

USD/JPY

The USDJPY pair has stalled at the ascending trendline and 113.21 support line. Buyers have returned at this support level and therefore price action may remain contained within the current trading range. Momentum indicators still have a bearish bias although trajectories are beginning to flatten.  

 

 

 

 

 

GBP/USD

The GBPUSD pair continues to languish at the 1.331 support line and despite spikes through this support line, price action has failed to drive a break. Longer-term sentiment remains bearish yet currently, doji candles may suggest waning momentum. Momentum indicators have flattened at the oversold line. 

 

 

 

 

EURUSD

The EURUSD has begun to recover from the 1.117 price floor and is now testing the 1.132 resistance line. This price level will represent a test of bullish conviction and whether the rally can be sustained. Momentum indicators are bullish. 

 

 

 

 

USDCHF

The USDCHF has broken the 0.922 support level which represents the lower bound of a previous consolidation range. Buyers have since returned and therefore, the break may not last. A support level represented by the ascending trendline is moving closer towards price action.

 

 

 

 

XAUUSD

XAUUSD price action has pulled back to the 1769 support line as selling pressure continues to rise into the bearish move. The support level represents the lower bound of a consolidation channel and a break may give rise to a longer-term downtrend. Momentum indicators are bearish.

 

 

 

 

USOUSD

The USOUSD index has plummeted back towards the 66.45 support line where buyers have since returned. Uncertainty in fundamentals have facilitated a sell-off in a commodity venerable to demand. Price action appears to have stabilized around the $60 per barrel range where moderate oscillations may continue.

 

 

 

 

JP225

The JP225 index has broken the ascending trendline with a strong bearish that was stalled by the 27,654 support line. Buyers have since returned at this price line and price action will likely continue to oscillate within a tighter range. Momentum indictors are undergoing bullish reversals.