XAUUSD Reaches Overbought Territory

• 15 Nov 2021

USD/JPY

The USDJPY is still unable to move beyond a recent price high at the 114.38 price level. Small-bodied candles have once again accumulated just below the resistance line reflecting a lack of conviction from both buyers and sellers. Momentum indicators have stalled in bullish territory after pulling back from overbought conditions.  

 

 

 

 

GBP/USD

The GBPUSD pair is making its way back to a previous trading range with the lower bound at the 1.341 price level. Bullish rebounds have typically taken place at this pivot point, yet currently, bullish conviction appears low. Momentum indicators are making a recovery from oversold conditions. 

 

 

 

 

EURUSD

The EURUSD has stalled at the 1.144 support line as the pair attempts to make a recovery. Bullish conviction remains weak as the pair has struggled to form a recovery rally. Price action will continue to float sideways in the absence of major fundamental news.  

 

 

 

 

USDCHF

The USDCHF pair has failed at the 0.920 resistance level, as a doji candle in the previous trading session may signal the start of a bearish reversal. Today’ trading will determine near-term direction for the pair and whether sellers have the appetite to drive a reversal. The ascending trendline remains a key support level.

 

 

 

 

USDCAD

The USDCAD pair has pulled back from the 1.256 resistance line as selling activity has begun to rise. The pair is likely to continue oscillating within the current trading range as support for the US dollar starts to wane. Momentum indicators remain bullish although RSI has pulled back from its upward trajectory.

 

 

 

 

XAUUSD

The XAUUSD has rejected the 1869 resistance line as sellers have returned in the early Asian trading session. The pair may now consolidate between the 1831 and 1869 price levels. Momentum indicators are pulling back from overbought conditions.  

 

 

 

 

USOUSD

The USOUSD has begun a bearish move after a rejection of the 83.90 price ceiling. The commodity is now testing the 78.54 support line which has been a bullish pivot point in the past. Momentum indictors have clear, established downward trajectories, which will result in a move away from the $80 per barrel range.