Bullish Momentum Builds For US Dollar

• 12 Jan 2021

USD/JPY

USD/JPY buyers have been held at the 104.29 resistance line, as the pair struggles to move beyond the current trading range. This price area has proven to be a hurdle for buyers in the past and it seems it will continue to dampen any rallies. Momentum indicators have sharp upward trajectories.

 

 

 

 

GBP/USD

GBP/USD buyers are still active in the pair which is hampering any price reversal that may have been forming. Another test of the 1.358 resistance level may materialise yet the current trading range is likely to remain intact in the absence of a major change in fundamentals. Momentum indicators have begun downward trajectories. 

 

 

 

 

EURUSD

The Eurodollar has stalled at the 1.214 support level which has represented a previous price floor in the current trading range. On previous occasions, bulls return at this price level, therefore, sellers conviction will be tested. Momentum indicators have downward trajectories. 

 

 

 

 

USDCHF

The USDCHF pair has broken the 0.887 resistance area, with the 0.898 target in sight. The pair may therefore return to the previous consolidation channel before the recent sell-off. Buyers will need to have strong appetite to overcome these resistance levels. Momentum indicators have sharp upward trajectories. 

 

 

 

 

 

USDCAD

The USDCAD has stalled mid-range as selling pressure has begun to rise. It therefore seems likely that the pair will languish in range between the 1.269 and 1.290 price levels in the near-term. Momentum indicators are beginning upward trajectories. 

 

 

 

 

XAUUSD

XAUUSD volatility continues as fundamental factors lead to alternate days of dominance from bulls and bears. Overall, the longer-term outlook for the metal is bearish with a return to a previous range and the break of several support areas. Momentum indicators have turned bearish with MACD testing the zero line. 

 

 

 

 

USOUSD

USOUSD has stalled at the $52 per barrel mark as buyers appear to have lost steam mid-rally. Buying pressure remains, which is interfering with a potential price reversal. The current trading range will likely remain intact. Momentum indicators suggest that the commodity is overbought and reversals are underway.