The USDJPY pair has pulled back to the ascending trendline, which has inspired the return of buyers. Another target exists at the 115.41 resistance line, where on a previous occasions price action reversed. Momentum indicators are reversing downward trajectories, stalling in neutral/bullish territory.
The GBPUSD rally has been contained by the descending trendline in further confirmation of the longer-term bearish bias. Price action has moved to test the 1.361 support line as sellers begin to dominate price action, albeit with moderate conviction. Momentum indicators are undergoing reversals.
The EURUSD has rejected a resistance area at the descending trendline, as selling activity has begun to rise. Sellers still appear to lack the appetite to drive price action yet there is not enough support to drive a rally. Further consolidation will likely continue.
XAUUSD price action has begun to pull away from the upper bound of the ascending triangle. Oscillations are becoming narrower with smaller bodied candles indicating uncertainty. Given the pattern of price action, a bullish breakout may be anticipated. Momentum indicators have stalled in neutral/bullish territory.
USOUSD has begun to move beyond the 83.90 price ceiling. However, the doji candle in yesterday’s session was the first sign of a potential reversal and bullish momentum losing steam. Momentum indicators are flattening out in bullish territory and RSI is testing the overbought line.
NDX100 has moved back to test the ascending trendline which has held since September 2021 and typically, tests result in a bullish rebound. Buying pressure has reversed potential breaks of the trendline twice in the last week of trading. Momentum indicators have downward trajectories with RSI fast approaching the oversold line.
WS30 has broken the 35,968 support line, despite several attempted breaks and heavy buying pressure, the support level has held until now. Sellers’ conviction will be tested as the pair attempts to return to a previous trading range. Momentum indicators reflect the shift to a bearish bias, with downward trajectories.