The USDJPY pair has a bullish bias as moderate buying action continues to move price action higher. Small-bodied candles do signal a lack of conviction and therefore oscillations are likely to remain in the current consolidation range until a change in fundamentals.
The GBPUSD pair has dropped back to the 1.320 support level, as buyers once again fail to drive a rally. Despite buying pressure in yesterday’s trading price action looks set to break this support line to create new recent lows. Momentum indicators have flattened in oversold territory.
The EURUSD is beginning to climb back towards the 1.153 resistance area which represents a previous support line. A descending trendline is also fast approaching price action and has acted to contain previous rally attempts. Momentum indicators have begun moderate upward trajectories.
The USDCAD reversal only pulled back as far as the 1.263 support line, as selling activity was thwarted by an increase in buying activity in yesterday’s trading session. Doji candles indicate that neither buyers nor sellers currently have the appetite to drive price action.
XAUUSD price action continues to narrow as it traces the ascending trendline higher. The bullish bias appears to be waning, yet sellers appear to lack the conviction to drive price action. Another bullish move seems the most likely next course of action.
USOUSD index is climbing back towards the 75.60 resistance line as a price recovery is almost complete. A less severe fundamentals picture coupled with healthy demand has seen the commodity find support this trading week. Momentum indicators reflect the bullish sentiment with upward trajectories.
The ASX200 index has moved close to another test of the descending trendline, which has contained several previous attempts. Selling pressure rose sharply in yesterday’s trading and therefore significant conviction from buyers will be required to drive the break.