A Break On The Cards For ASX200?

  • 22 Jul 2021


The USDJPY pair is struggling to gain enough momentum to move back towards the 111.48 resistance level. As such, the pair will likely hug the ascending trendline upwards as bearish sentiment appears to have dissipated. Momentum indicators have flattened in neutral territory. 






The GBPUSD pair is climbing back towards the 1.380 resistance line after a break of the 1.368 price level. The 1.380 represents an area of price consolidation and therefore significant bullish conviction will be required to facilitate a break. Momentum indicators have flattened in bearish territory.






The Eurodollar has stalled mid-range as buying pressure begins to rise and bearish sentiment starts to wane. Doji candles reflect that neither buyers nor sellers have the appetite to dominate price action. Momentum indicators have flattened in bearish territory.






The USDCHF pair has rejected the descending trendline in further confirmation of rising bearish sentiment. A previous price recovery attempt looks likely to give way to a downtrend and the current range between the 0.904 and 0.925 price levels will remain intact. Momentum indicators have downward trajectories.






XAUUSD has returned to the 1795 support level as rising bearish sentiment has begun to dominate price action. A break of this support level may take the metal back to the lower bound of a symmetrical triangle where a rebound is expected. Momentum indicators are divergent.






The USOUSD has recovered after the recent sell-off that signaled a potential trend reversal. However, bullish sentiment remains and the 66.75 support level has stayed intact. A return to the $70 per barrel range looks likely if there are no changes in fundamental factors. Momentum indicators have upward trajectories.






The ASX200 index has rebounded from the ascending trendline as bullish sentiment has risen sharply. A break of a recent price ceiling at the 7399.95 resistance level could be on the cards. Momentum indicators have reversed and now have upward trajectories.


Sign up to get started

Open Demo Account
Open Live Account