Bullish Reversal Imminent For WS30

• 25 Jan 2022

USD/JPY

The USDJPY pair has broken the trendline to the downside where price action has now stalled. The pair has re-entered a consolidation range between the 112.70-114.33 price levels and so price action may now oscillate within this range. Momentum indicators are bearish with RSI approaching oversold conditions.  

 

 

 

 

GBP/USD

GBPUSD pair has begun to establish bearish momentum with a rise in selling activity in yesterday’s session. Buyers still remain active yet longer-term bearish sentiment holds. Momentum indicators have established downward trajectories with further downside potential. 

 

 

 

 

EURUSD

The EURUSD has stalled once again around the 1.130 price level as neither buyers nor sellers currently appear to have the appetite to drive price action. The pair has been contained by the descending trendline with bearish pullback following each test. Another pullback can be anticipated as price action moves towards the trendline. 

 

 

 

 

USDCAD

The USDCAD has rebounded from the ascending trendline and is now testing the 1.263 resistance level as support builds for the pair. Heavy selling pressure at this price line indicates that buyers will need significant conviction to drive the break. Momentum indicators have upward trajectories. 

 

 

 

 

USOUSD

USOUSD price action has begun to pull back towards the 83.90 support level which represents a previous ceiling. Small-bodied candles with long shadows represent indecision and a tussle between buyers and sellers. A break of the support line may not be sustained and near-term price direction will be determined in the next few trading sessions.  

 

 

 

 

WS30

WS30 index is testing the 34,027 price line, once again, after price action spiked through this support level in yesterday’s trading. Previous tests of this price area have resulted in bullish rebounds and that is likely to be the case once again. Momentum indicators are beginning bullish reversals.  

 

 

 

 

ASX200

ASX200 has touched and rebounded from a new low at the 6858 price line. Selling activity remains as the index has continued to plummet since the end of last week. Price action may now consolidate within the current range as the sell-off appears to be cooling. Momentum indicators are bearish with RSI signaling the index is oversold.