USOUSD Rebounds To $100 Per Barrel Range

• 18 Mar 2022

USD/JPY

The USDJPY pair has stalled at the 118.74 resistance line, as a series of doji candles indicate waning bullish momentum. Selling pressure has already begun to rise, therefore we may anticipate a change in near-term price direction. 

 

 

 

 

 

GBP/USD

The GBPUSD pair has rebounded from the 1.300 price floor, breaking the 1.310 resistance line. However, a pullback occurred at the 1.320 resistance level with a doji candle indicating indecision for the pair. Momentum indicators are undergoing reversals.

 

 

 

 

EURUSD

The EURUSD is climbing back towards the 1.113 resistance line as buyers attempt to form a rally. Given the rise in selling pressure, the pair may struggle to drive a break of the resistance area. The price line represents the lower bound of a previous consolidation channel. Momentum indicators are bullish with moderate upward trajectories. 

 

 

 

 

USDCHF

The USDCHF has failed at the 0.941 resistance line, as the pair has now pulled back to the 0.936 support level. The reversal may take price action back, once again, to the 0.908 and 0.936 trading range. Momentum indicators are undergoing reversals. 

 

 

 

 

USDCAD

The USDCAD has pulled back to the ascending trendline, which has been a key support level for the pair since October 2021. A break of the 1.263 support level is significant given that it has held on several previous occasions. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

XAUUSD

The XAUUSD is starting to climb away from the 1906 support level as buying pressure begins to rise. The current trading session signals how long the bullish conviction is as seller return mid-rally and mid-range. The metal will likely oscillate within the current trading range going forward. 

 

 

 

 

USOUSD

The USOUSD has surged back towards the $100 per barrel range, as price action bounced off the 93.78 support line as the sell-off came to an end. Geopolitical factors will continue to impact the commodity going forward. Momentum indicators have stalled in bullish territory.