XAUUSD Find Support At Start Of Trading Week

• 8 Feb 2022

USD/JPY

The USDJPY pair has moved to test the 115.41 price level after rebounding from the ascending trendline several times. The trendline continues to act as a support for price action and confirms the longer term bullish sentiment. Momentum indicators have upward trajectories.  

 

 

 

 

GBP/USD

The GBPUSD pair has flattened in n mans land as indecision results in doji candles mid-range. Despite the pullback, sellers appear to lack the conviction to drive the trend. Overall, longer-term sentiment remains bearish with the descending trendline acting as a key resistance level, containing rallies.

 

 

 

 

EURUSD

The EURUSD is beginning to turn back towards the descending trendline as buyers lose steam mid-rally. Price action now reflects a lack of bullish momentum rather than rising bearish sentiment. Momentum indicators are divergent; MACD has flattened in bearish territory and RSI has stalled in bullish territory.  

 

 

 

 

XAUUSD

XAUUSD is beginning to climb back towards the 1831 resistance line as another rebound from the ascending trendline takes place. Previous breaks of this resistance area have been short-lived, therefore, strong bullish conviction will be required to sustain a rally attempt.  

 

 

 

 

 

JP225

The JP225 index had been stalling at the 27,272 resistance line, yet in early trading, a break appears to be underway.  Bullish conviction has been insufficient to drive a break so far but given the number of tests, a breach may be imminent. 

 

 

 

 

ASX200

ASX200 has broken the 7,121 resistance line, in a confirmation of strong bullish sentiment since the rebound from the 6858 support level. The index has now returned to a previous trading range between the 7121 and 7421 price levels. Momentum indicators have upward trajectories.

 

 

 

 

NDX100

NDX100 has plummeted back towards the 14493 support level, as a sharp shift in sentiment took place at the 15,169 resistance line. The sell-off appears to be losing steam indicating that we may see a rebound at this price line. Momentum indicators have flatlined in bearish territory.