USOUSD Sell-Off Continues

• 21 May 2021

USD/JPY

The USDJPY appears to be stalling mid-rally as buying momentum begins to fade. The pair is moving closer to the ascending trendline which has represented a key support level. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair has failed to build on the bullish break for the last 3 trading sessions. Sellers remain active, yet lack the conviction to drive a change in price direction. Price action may consolidate at this price level in the near-term. Momentum indicators suggest that the pair is overbought. 

 

 

 

 

 

EURUSD

The Eurodollar has found support once again and the latest bullish move may result in the pair climbing towards the 1.232 resistance area. The 1.217 price level will now act as a key support level going forward. Momentum indicators remain bullish. 

 

 

 

 

USDCAD

USDCAD has stalled at the 1.206 price level, as the recent sell-off appears to have cooled. Price action will likely consolidate around this price level until the fundamentals picture changes. Momentum indicators suggest the metal is overbought.

 

 

 

 

XAUUSD

The XAUUSD has failed to clear the 1870 price line, as neither buyer nor sellers have the appetite to drive price action. A pullback may be on the cards especially if buying momentum continues to fade. Momentum indicators signal that the metal is overbought.  

 

 

 

 

USOUSD

USOUSD has broken the ascending trendline which has been a key support level since October 2020. The sharp rise in selling pressure, coupled with the break is significant. The commodity may now test the $60 per barrel price level. Momentum indicators have downward trajectories.