WS30 Signals A Trend Change

• 16 Jun 2021

USD/JPY

USDJPY continues with the 110.69 resistance line in sight after rebounding from the ascending trendline once again. Oscillations continue to in an uptrend with higher highs and higher lows. Momentum indicators suggest that bullish conviction is low- flattening in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair continues to test the ascending trendline which so far has managed to contain price action as buying pressure remains for the pair. A bullish breakout is anticipated given the pattern of price action. Momentum indicators have downward trajectories.

 

 

 

 

EURUSD

The Eurodollar is oscillating back towards the descending trendline, yet a series of doji candles suggest that bullish momentum remains weak. A target exists at the 1.198 price level. Momentum indicators have flattened in neutral territory.

 

 

 

 

USDCAD

The USDCAD pair is beginning to form an uptrend as US dollar buyers return to the pair. A target exists at the 1.241 price level, although considerable bullish conviction will be required as previous rally attempts have been halted.  Momentum indicators have clear upward trajectories.

 

 

 

 

XAUUSD

XAUUSD continues to reflect bearish sentiment as despite a rise in buying pressure after the break, price action has moved lower. Conviction currently remains weak and therefore the metal may languish within the current trading range in the near term. Momentum indicators have sharp downward trajectories.

 

 

 

 

WS30

The WS30 index has broken the ascending trendline in the first sign of a potential reversal. However, a series of doji candles signal low bearish conviction and price action has faded across the trendline due to apparent lack of buying activity. Momentum indicators are bearish.

 

 

 

 

NDX100

The NDX100 has broken a recent price high at the 14,044 price level which is significant given numerous attempts. Sellers have returned almost immediately in the early Asian trading session, suggesting that the break may not last.  Momentum indicators suggest the index is overbought.