Dollar Buyers Losing Steam?

• 15 Mar 2022

USD/JPY

USDJPY buyers continue to find support though momentum does appear to be waning. Price action has moved to ward the 118 price level where a small-bodied candle may signal a slowdown. Momentum indicators are bullish although RSI is suggesting that a reversal could be on the cards. 

 

 

 

 

GBP/USD

The GBPUSD pair has stalled after a break of the 1.310 support line, as selling pressure has been consistent in recent trading. Buyers have begun to return in the early Asian trading session and it remains to be seen whether buyers have the conviction to overturn bearish sentiment.  

 

 

 

 

EURUSD

The EURUSD appears to be consolidating in range as price action has narrowed within the 1.085 and 1.113 price levels. Bullish momentum has risen albeit at a moderate pace with more conviction required to drive the rally. Momentum indicators have established upward trajectories. 

 

 

 

 

USDCHF

The USDCHF has broken the 0.936 resistance line and the break appears to have taken the wind out of buyers’ sails. In early trading today, buyers and sellers are tussling as seen by upper and lower shadows and the current session will be define near-term price action. Momentum indicators are approaching overbought conditions. 

 

 

 

 

XAUUSD

The XAUUSD has broken below the 1970 support level as sellers have returned to the metal. The pullback comes despite no material change in fundamentals and appears driven by a lack of buyers rather than any strong bearish conviction. 

 

 

 

 

USOUSD

The USOUSD has returned to the $90 per barrel range as a strong sell-off is driving price action at the start of the trading week. Price action is returning towards the 93.78 support level though buying pressure remains. Momentum indicators have sharp downward trajectories.  

 

 

 

 

WS30

The WS30 has stalled at the 33,155 support level as a series of doji candles indicates indecision. Long upper shadows indicate sellers are preventing the break and rally attempts are being contained. The index may now consolidate within the current range until buyers regroup.