USOUSD Tests Key Resistance Area

• 28 May 2021

USD/JPY

The USDJPY has found support and bulls are beginning to dominate price action. The next target is the 110.69 resistance level. A clear, established rally has resumed after a period of consolidation. Momentum indicators have sharp upward trajectories.

 

 

 

 

GBP/USD

The GBPUSD pair has made several attempts to move beyond the 1.418 resistance level and yet bullish conviction remains insufficient to drive the break. The pair is edging closer to the apex of an ascending trendline where a bullish breakout may be anticipated. Momentum indicators have flattened in bullish territory.

 

 

 

 

EURUSD

The Eurodollar has pulled back to the ascending trendline and 1.217 support level. Both support areas typically facilitate a bullish rebound and therefore further upside moves can be anticipated. Momentum indicators have stalled in bullish territory. 

 

 

 

 

XAUUSD

XAUUSD has stalled after the break of the 1870 price level. A series of doji candles indicate a lack conviction from buyers and the previous rally may be coming to an end. The ascending trendline remains intact as a key support level.  Momentum indicators have flattened in bullish territory.

 

 

 

 

USOUSD

USOUSD continues to test the apex of an ascending triangle and therefore a break out beyond the 66.72 resistance level appears inevitable. Momentum indicators support the bullish sentiment and indicate that there is further upside potential.

 

 

 

 

HK50

HK50 has moved to test the 29,518 resistance area, signaling a potential break out of the current trading range between the 27,666 and 29,518 price levels. The index has been consolidating within this range since the end of February. Momentum indicators have sharp upward trajectories.

 

 

 

 

JP225

JP225 has broken the 28,532 resistance level and returned to a previous trading range. Price action will now head towards a recent price ceiling at the 30,467 resistance line. Momentum indicators have begun accelerating into bullish territory.