The USD/JPY pair has stalled at the 103.72 support level, as neither buyers nor sellers appear to have the conviction to drive price action. There is a well-established longer-term downtrend and we may expect further dollar weakness. Momentum indicators are neutral.
The GBP/USD pair continues to test the 1.368 resistance line, yet a break has not yet materialised. Given the inherent dollar weakness; a break seems only a matter of time. Currently, buyers appear to lack the appetite. Momentum indicators have flattened in bullish territory.
The EURUSD pair has pulled back to the 1.214 support level where price action has stalled. The pair may consolidate at this price level for the time being and until the economic situations improves. Momentum indicators have downward trajectories and have entered bearish territory.
The USDCAD has broken the 1.269 support level which represents a long-term price floor. Dollar weakness and oil price surges have contributed to the drop in the pair. Momentum indicators suggest there is room for further downside; flattening in bearish territory.
XAUUSD continues to float just below the 1860 price area. A doji candle in yesterday’s trading indicates indecision as the metal struggles to recover from the most recent sell-off. Momentum indicators have flattened in bearish territory.
USOUSD continues to trace higher and is approaching the 54.48 resistance level, thereby returning to pre-Covid-19 levels. Forecasts released by the EIA suggest the current price level should be sustained throughout the year. Therefore, despite some expected pullbacks, a return to pandemic outbreaks levels is not foreseen. Momentum indicators are bullish with RSI flattening in overbought territory.
The JP225 index appears that it may be about to undergo a bearish price reversal. A break of the 28,347 price level has inspired the return of sellers. Today’s trading session will determine sellers’ conviction. Momentum indicators remain in bullish territory with RSI pulling back towards the 70 line.