USOUSD Tests Price Ceiling

• 4 Oct 2021

USD/JPY

The USDJPY pair has almost fully reversed the most recent rally as all gains made by the pair have been undone by sellers. Price action is heading back towards the 110.66 support line and may now return to the previous trading range between 109.02 and 110.66 price levels. 

 

 

 

 

GBP/USD

The GBPUSD pair is making a recovery after a sharp sell-off during the previous trading week. Selling pressure remains and with the 1.361 price line in sight, buyers’ conviction will be tested. Momentum indicators are undergoing moderate reversals, but reflect weak bullish sentiment.   

 

 

 

 

EURUSD

The Eurodollar has stalled just below the 1.160 support line, as sellers appear to have lost steam, yet buyers currently lack the appetite to drive a reversal. Longer-term sentiment remains bearish. Momentum indicators appear to be beginning reversals.

 

 

 

 

USDCAD

The USDCAD has pulled back to the ascending trendline, once again, where bullish rebounds have previously taken place. On the last two or three occasions when this support level was tested, buyers returned to drive price action.  Momentum indicators still reflect bearish sentiment. 

 

 

 

 

XAUUSD

XAUUSD has broken back above the 1753 resistance line and returned to a previous trading range with the 1831 price line as the ceiling of the range. The ascending trendline has successfully contained price action up until now and may be tested once again.  

 

 

 

 

USOUSD

USOUSD has moved to test a price ceiling at the 75.74 price line. A previous test of this price level resulted in an extended sell-off yet, buying pressure has been climbing into the latest bullish move. Momentum indicators suggest that conviction may weaken, as momentum takes USOUSD to overbought levels.  

 

 

 

 

ASX200

The ASX200 has rebounded from the 7138 support level as volatility has been spiking in the last few trading sessions. Buyers and sellers have taken it in turn to dominate the most recent sessions which has culminated in a gap in price action, followed by selling activity in today’s trading. The current price range will likely remain intact.