HK50 Tests Key Support Level

• 25 Feb 2022

USD/JPY

USDJPY price action has stalled at the 115.41 price level, after bullish moves in yesterday’s trading failed to sustain the break, despite a sharp increase in buying pressure. The pair is likely to oscillate higher in the near-term as a bullish bias persists.   

 

 

 

 

GBP/USD

The GBPUSD pair is beginning to recover after a strong sell-off in yesterday’s trading. A long lower shadow and bullish moves in early trading indicate that a recovery may be underway despite no change in fundamentals. The pair is therefore likely to oscillate within the current consolidation channel.  

 

 

 

 

EURUSD

The EURUSD pair has recovered from the 1.113 support level, as bullish momentum has returned to contain price action within the 1.113-1.144 range once again. Clearly, there is little appetite to break out of this channel and the pair will continue ranging in the near-term. 

 

 

 

 

USDCAD

The USDCAD pair broke out of range for a short period in yesterday’s trading, yet price action was driven back by a spike in selling pressure. The consolidation range is therefore likely to remain intact, with the 1.282 representing the upper bound of the range. 

 

 

 

 

XAUUSD

XAUUSD remains glued to the 1906 resistance line, despite a spike in buying pressure from hedging positions in yesterday’s trading. There is considerable bullish appetite and so we may expect the march higher to continue. Momentum indicators are bullish with RSI signaling that overbought conditions are being tested. 

 

 

 

 

 

ASX200

The ASX200 index has plummeted in recent trading, as price action moves towards a recent low at the 6910 support line. Despite buying pressure in yesterday’s trading sellers are dominating the current session, almost completely erasing yesterday’s gains. Momentum indicators are bearish.

 

 

 

 

HK50

The HK50 index is testing the 22,808 support level, as the bearish bias continues and the pair continues to sell-off with every trading session in the last week dominated by sellers. Momentum indicators are bearish with MACD breaking the zero line, however, RSI is signaling that the pair is oversold.