XAUUSD Breaks Key Resistance Zone

• 30 Aug 2021

USD/JPY

The USDJPY pair is moving into a tighter trading range as oscillations continue towards the apex of a descending triangle. A recent test of the upper bound has once again resulted in a rejection and the return of sellers. Momentum indicators have flattened in neutral territory.  

 

 

 

 

GBP/USD

The GBPUSD pair continues to climb towards the descending trendline, as another rally attempt will be made. Each previous attempt has resulted in a rejection at this resistance level, therefore, buyers conviction will be tested. Momentum indicators have moderate upward trajectories.

 

 

 

 

EURUSD

The Eurodollar has broken both the 1.177 resistance line as well as descending trendline. The break is significant as it represents a key support level for the pair in the past and signals strong bullish conviction. Momentum indicators have established upward trajectories. 

 

 

 

 

USDCHF

The USDCHF has plummeted back towards the 0.904 support level after a bullish attempt at the descending trendline was rejected. Oscillations will likely continue and the longer-term trajectory for the pair remains bearish.  Momentum indicators have stalled in neutral/bearish territory.

 

 

 

 

USDCAD

The USDCAD has retraced back below the 1.263 support level and descending trendline. Price action has once again stalled at this level as conviction from sellers is limited. Longer-term, sentiment remains bullish and in the absence of a change in fundamentals the trajectory will likely continue. Momentum indicators remain in bullish territory.

 

 

 

 

XAUUSD

The XAUUSD has finally broken the descending trendline and the move signifies strong bullish conviction after a period of bearish sentiment. The next target is the 1860 resistance zone and it remains to be seen whether buyers have the appetite to drive the price recovery. Momentum indicators are bullish.

 

 

 

 

USOUSD

The USOUSD is climbing back towards the the $70 per barrel range after a brief period of bearish sentiment. Bullish momentum is currently weak and the trendline remains a key obstacle to rally attempts. Momentum indicators have sharp upward trajectories.