XAUUSD Under Pressure Once Again

• 30 Jun 2021

USD/JPY

The USDJPY pair is moving back towards the ascending trendline. Previous tests of the trendline have resulted in the return of buyers making the trendline a key support level. Given current bearish conviction, we may expect another bullish rebound. Momentum indicators have flattened in bullish territory.

 

 

 

 

GBP/USD

GBPUSD looks set to continue in consolidation as early trading highlights a lack of appetite from sellers to drive price action. A move towards the 1.380 support level has resorted in the return of buyers. Momentum indicators remain bearish.

 

 

 

 

EURUSD

The Eurodollar has pulled back towards the ascending trendline which has been acting as a support level for the pair. We can already see the return of buyers in early trading. A key target is the 1.198 resistance area. Momentum indicators have flattened in bearish territory.

 

 

 

 

USDCAD

The USDCAD has broken the descending trendline which could prove to be significant in indicating a trend change for the pair. A target exists at the 1.245 resistance line where a previous rally was rejected. Momentum indicators have upward trajectories.

 

 

 

 

XAUUSD

XAUUSD has broken the ascending trendline in what appears to be another bearish move. The metal is now testing the 1761 support level with a break meaning the return to previous lows. Momentum indicators have flattened in bearish territory.

 

 

 

 

HK50

The HK50 index is once again, pulling away from the 29,518 resistance level which has proven to be an obstacle to any rally attempts. The pair will continue to consolidate in range. Momentum indicators remain in bullish/neutral territory. 

 

 

 

 

ASX200

The ASX200 has rebounded from the 7262 support level and now price action is headed back towards the 7399 resistance level once again. This target level has proven to be a hurdle for buyers in the past. Momentum indicators have flattened in bullish territory.