XAUUSD Marches Higher

• 10 Feb 2022

USD/JPY

The USDJPY pair has failed to move beyond the 115.41 price level, as small-bodied or doji candles indicate a lack of conviction from buyers. A strong uptrend has been established since September, with the 116.15 price line representing a ceiling for the move. Momentum indicators are bullish.

 

 

 

 

GBP/USD

The GBPUSD pair has stalled mid-range as neither buyer nor sellers have the appetite to drive price action. Fundamental factors will have the biggest sway with the descending trendline acting a s a technical resistance level.  Momentum indicators have flattened in bullish territory.

 

 

 

 

EURUSD

The EURUSD lacks support in the rally and therefore price action has begun to fade back towards the descending trendline. Any bullish attempts tend to be short-term, as the overall bias is bearish for the pair. Momentum indicators have stalled in bullish territory. 

 

 

 

 

USDCHF

The USDCHF has stalled after another break of the descending trendline, as volatility in the pair has begun to rise in recent trading. Small-bodied candles indicate indecision and the narrowing of price range typically comes before a breakout and trend change.   

 

 

 

 

XAUUSD

XAUUSD has found support as a succession of bullish candles takes price action towards the 1846 resistance line. Previously, price action rejected this resistance zone and therefore strong conviction will be required to sustain the rally and drive a break. Momentum indicators are bullish.

 

 

 

 

 

HK50

The HK50 index has rejected the 25,117 resistance line once again, as sellers return to contain price action in the current 22,808-25,117 price line. The index has remained in this consolidation range since mid-November as bullish conviction has been insufficient to sustain rally attempts.   

 

 

 

 

JP225

JP225 has stalled mid-rally, as bearish activity has begun to undo some of the gains made by buyers in the previous trading sessions. Any recovery attempts in the past have been contained by te trendline which has acted as a resistance zone for the index.