XAUUSD Sinks At Start Of Trading Week

• 15 Jun 2021

USD/JPY

USDJPY continues with the 110.69 resistance line in sight after rebounding from the ascending trendline once again. Oscillations continue to in an uptrend with higher highs and higher lows. Momentum indicators suggest that bullish conviction is low- flattening in bullish territory.

 

 

 

 

GBP/USD

The GBPUSD pair has pulled back, once again, to the ascending trendline where a doji candle indicates indecision or at least, a deceleration in the bearish move. Typically, bullish rebounds take place at this support level. Momentum indicators have a moderate downward trajectory.

 

 

 

 

EURUSD

The Eurodollar has peeled off of the 1.224 resistance level and a bearish move is underway. Buyers appear active, yet oscillations have a bearish bias. The next support level is the 1.198 price line. Momentum indicators reflect the bearish sentiment with clear downward trajectories.

 

 

 

 

USDCHF

The USDCHF pair has found support in recent trading, yet conviction remains low as signified by small-bodied candles. It seems more likely for the pair to be contained within the current trading range. Momentum indicators have flattened in bearish territory.

 

 

 

 

XAUUSD

XAUUSD pulled back to break the 1870 support level. Buyers remain active and there was heavy buying pressure in yesterday’s trading, however, a break did not materialise. Sellers’ conviction will now be tested. Momentum indicators have sharp downward trajectories.

 

 

 

 

HK50

The HK50 index has begun a sell-off in early trading after bearish momentum appeared to be waning in the last week of trading. A key support level exists at the 27,666 price line where, on two previous occasions, have resulted in a bullish rebound. Momentum indicators are bearish with MACD testing the zero line.

 

 

 

 

JP225

The JP225 has indeed broken the descending trendline after 4 months of bearish bias. Another test of the 30,457 price area seems inevitable, yet considerable conviction from buyers will be required to overcome the longer-term bearish bias. Momentum indicators are bullish.