Sell-Off In Major Indices Continues At Close Of Trading Week

• 1 Oct 2021

USD/JPY

The USDJPY pair is undergoing a reversal, as sellers returned with conviction in yesterday’s trading session, resulting in a break of the 111.50 support line. Selling activity continues in today’s trading which may see the pair return to a previous range at the 110.66 support line. 

 

 

 

 

GBP/USD

The GBPUSD pair appears to be attempting a price recovery, albeit under pressure. Sellers are still active which limited the recovery in yesterday’s trading and selling pressure remains in the Asian trading session. The pair may now continue to languish at the 1.341 support line.  

 

 

 

 

EURUSD

The Eurodollar has moved below the 1.160 support line, once again, as moderate selling activity continues. Price action will continue to float lower, as buyers appear to lack the appetite to influence the pair and sellers appear to have lost steam.   

 

 

 

 

US500

The US500 has broken the 4383 support level to the downside, as bearish sentiment has risen sharply in today’s and yesterday’s trading sessions. If the index breaks the current 4268 obstacle, the switch in sentiment from bullish to bearish is confirmed. Price action may well consolidate around this price zone.  

 

 

 

 

NDX100

NDX100 continues to be dominated by a bearish bias, which has led to a break of the 14,831 support line. Price action may now test the ascending trendline which has remained intact as a support level since March. A previous rally formed from this support level. 

 

 

 

 

JP225

JP225 has broken the 29,371 support line as the index emphatically breaks a recent consolidation channel. The return to a previous channel may put a break on the sell-off, which appears to be moving full-steam ahead in today’s trading. Momentum indicators have sharp downward trajectories.

 

 

 

 

HK50

The HK50 is making a recovery after an extended sell-off had the index reaching a new recent low at the 23,850 support line. Small bodied candles in the uptrend indicate low bullish conviction currently, with selling pressure still present in price action.