USOUSD Breaks $70 Per Barrel

• 16 Sep 2021

USD/JPY

The USDJPY pair has broken the ascending trendline, which is significant, as it has been acting as a support level for the pair since April. Price action has plunged towards the 109.02 support line which has contained previous bearish moves. Momentum indicators have turned bearish.  

 

 

 

 

GBP/USD

The GBPUSD pair has begun to climb back towards the descending trendline and despite short-lived breaks, the pair is yet to drive the rally beyond this resistance zone. Buyers’ conviction will therefore be tested. Momentum indicators have formed upward trajectories.

 

 

 

 

EURUSD

The Eurodollar has struggled to build any significant bullish momentum and moves have been thwarted by rising selling pressure. A series of small-bodied candles indicate indecision yet there is a weak bearish bias to price action. Momentum indicators have flattened in neutral territory.

 

 

 

 

USDCHF

The USDCHF is climbing back towards the 0.925 resistance line, though oscillations have been narrowing as price action moves into a tighter range and the pair continues its upward trajectory. Given this trajectory, we may anticipate a bullish breakout. Momentum indicators have flattened in bullish territory. 

 

 

 

 

USDCAD

The USDCAD has faltered before reaching the 1.274 resistance line and price action may now trade sideways within the 1.243-1.274 trading range, as a period of consolidation appears to be taking hold. The ascending trendline will remain as support. Momentum indicators have flattened in bullish territory. 

 

 

 

 

XAUUSD

XAUUSD stalled at the 1795 price line, once again, which represents the lower bound of a consolidation range with the 1831 price level as the ceiling. Price action is also being contained by the descending trendline. Longer-term, there is a bearish bias. Momentum indicators have flattened in neutral territory.

 

 

 

 

USOUSD

The USOUSD has broken into the $70 per barrel range, having surged passed several resistance zones, indicating strong bullish sentiment. A price ceiling exists at the 75.74 resistance line, yet it remains to be seen whether buyers have enough conviction to drive the rally further. Momentum indicators are bullish.