XAUUSD Buyers Still In The Fight

• 7 Jun 2021

USD/JPY

USDJPY sellers are still active in the pair and have taken price action back towards the ascending trendline, where bullish rebounds normally take place. Oscillations are continuing to narrow as the pair approaches the triangle apex. Momentum indicators have flattened in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair is continuing to stick to the 1,418 price level despite some rise in bearish sentiment. As the pair edges closer to the apex, we may anticipate a bullish breakout, especially as buyers appear to have contained any potential reversal. Momentum indicators have moderate downward trajectories.

 

 

 

 

EURUSD

The Eurodollar has moved to test of the 1.217 price level, which is emerging as a key price level in the tussle between buyers and sellers. Bullish sentiment clearly remains as US Dollar weakness persists. Momentum indicators have downward trajectories.

 

 

 

 

USDCHF

The USDCHF pair has rejected the 0.904 resistance level, signifying that this price level remains a significant obstacle to potential rallies. As a result, a period of consolidation between the 0.889 and 0.904 price levels may be on the cards. Momentum indicators signal moderate bullish sentiment. 

 

 

 

 

XAUUSD

XAUUSD has rebounded from the ascending trendline and 1870 junction. The rally appears likely to gain more ground with the price action tracing the trendline upwards. Momentum indicators have sharp downward trajectories, although RSI has stalled in bullish territory (MACD lags).

 

 

 

 

USOUSD

USOUSD continues to hug the ascending trendline as bullish momentum builds, albeit at a moderate pace. The pair is close to entering the $70 per barrel range which would indicate strong demand for the commodity and a full price recovery. Momentum indicators have bullish trajectories, though RSI is approaching overbought conditions.

 

 

 

 

JP225

The JP225 index has rejected the descending trendline in further indicating that longer-term bearish sentiment has been established. Sellers have appeared once again and price action may now turn towards the 28,532 price level. Momentum indicators are neutral/bullish.