The USDJPY pair has rejected the 115.41 resistance line and sellers have returned with conviction in early trading. Price action will likely pullback towards the ascending trendline which has acted as a support level for the pair. Previous attempts to test this trendline have resulted in bullish rebounds.
The GBPUSD pair has moved to test the 1.331 price line once again. Despite a stall represented by a doji in yesterday’s session, sellers have continued to dominate. Momentum indicators suggest that the downtrend may be coming to an end as RSI has reached oversold conditions.
The EURUSD has stalled at the 1.117 support line and appears to be making a bullish recovery. Small-bodied candles reflect low conviction and more support will be required to facilitate a rally. Momentum indicators are undergoing reversals.
The USDCHF broke the 0.933 resistance line only to then be tested once again by sellers. A break back below the price line will likely result in another extended bearish move. A reversal appears to be on the cards according to momentum indicators, as RSI is turning back away from overbought conditions.
The XAUUSD is beginning a recovery from the lower bound of the symmetrical triangle. A bullish rebound can be expected and several oscillations appear to be in store before a breakout occurs. Oscillations will likely narrow going forwards as the metal approaches the apex.
The USOUSD index will move back to test the 75.18 support line once again. Bearish sentiment has risen in today’s trading and hence sellers are dominating the direction of price action. A downtrend appears to be forming and a break of the support line would serve as confirmation.
The HK50 index has broken the 24,630 support line as price action has broken away in early trading. The gap represents a significant rise in bearish sentiment at market open during the Asian trading session. Price action will now make its way to the 23,850 support level.