Eurodollar Forms Rally

  • 10 Dec 2021


The USDJPY pair has pulled back to the ascending trendline, as a series of doji candles indicate waning bullish conviction. A previous test of this support area has resulted in bullish rebounds. Momentum indicators have flattened in neutral, bearish territory.   






The GBPUSD pair continues to test the 1.320 support level, as buyers once again fail to drive a rally. Buying activity has risen in recent trading yet price action has failed to move beyond the support area. Momentum indicators have flattened in oversold territory.






The EURUSD has begun to climb away from the 1.120 support level, as oscillations register higher lows and the pair begins to build support. Price action is moving closer to the descending trendline which has previously contained rallies. 






The USDCHF pair has found support once again as an upward trajectory forms in price action. Higher lows confirm that the previous trend will continue with the descending trendline acting as support. Another test of the 0.936 ceiling seems inevitable.  






The USDCAD has pulled back to the 1.263 support line, where another bullish rebound has taken place. The pair may now oscillate within this consolidation channel with the 1.282 price level acting as a ceiling for price action, where typically, bearish rebounds take place. Momentum indicators have downward trajectories.  






XAUUSD price action continues to narrow as it traces the ascending trendline higher. A moderate break appears not to have much conviction behind it and therefore may not be sustained. Momentum indicators have flattened in bearish territory. 






US500 index has bounced off the 4705 resistance line once again, as selling activity has begun to climb at this price ceiling. Price action will continue to oscillate within the current channel until bullish conviction begins to rise.  Momentum indicators have stalled in bullish territory.






The ASX200 index has rejected the descending trendline as selling pressure has begun to climb. A longer-term downtrend has been established and despite a climb in bullish sentiment, a rally has been unable to breach the resistance zone. 


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