JP225 Makes Sharp Price Recovery

• 6 Sep 2021

USD/JPY

The USDJPY pair is tracing the trendline downwards, as rally attempts have failed to result in a break of the descending trendline. Oscillations will start to narrow as the pair approaches the apex. Momentum indicators have flattened in neutral territory.  

 

 

 

 

GBP/USD

The GBPUSD continues to make bullish moves after a break of the descending trendline, implying strong bullish conviction. The 1.395 resistance line will remains in sight and represents a previous obstacle for the pair. Momentum indicators have turned bullish.

 

 

 

 

EURUSD

The Eurodollar tested the 1.188 resistance level in the previous trading session and may test the price level further this week. Selling pressure at this resistance zone indicates significant conviction from buyers will be required in order to facilitate the break. Momentum indicators are bullish. 

 

 

 

 

USDCAD

The USDCAD has moved closer to a previous support level at the 1.245 support line. A break in the sell-off in the previous trading session indicates buyers are still active in the pair. Bullish sentiment appears to be prevailing in the early Asian trading session. Momentum indicators have downward trajectories.

 

 

 

 

XAUUSD

The XAUUSD has once again found support and is testing the 1831 resistance line. This price area has represented an obstacle for buyers in the past. Bullish conviction into the move was strong in last week’s trading and it remains to be seen if it can be sustained this week. Momentum indicators are bullish.

 

 

 

 

USOUSD

The USOUSD has rejected the descending trendline as price action has been climbing off the back of higher demand. A longer-term outlook may remain bearish especially if output levels continue to rise. A support level exists at the 66.27 price line. Momentum indicators remain in neutral territory.

 

 

 

 

JP225

The JP225 has broken a series of resistance levels as sharp bullish momentum has drove a rally to close last week’s trading. Currently, conviction seems to have weakened and the question now is whether the break will be sustained. Momentum indicators are bullish with RSI tailing off at the overbought line.