The USDJPY pair has dipped below the 115.41 support line and buyers began returning as soon as the break was made. A break to the upside seems imminent especially considering that price action is moving closer to the ascending trendline. Momentum indicators remain in bullish territory.
The GBPUSD pair has broken both the descending trendline and 1.361 price area indicating that buyers have built some momentum at the start of the trading week. The break sees the pair return to a previous consolidation range between the 1.361 and 1.395 price levels.
The EURUSD is floating back towards the descending trendline where previous bearish rebounds have taken place. Buyers’ conviction will therefore be tested as a long-term downtrend is established. Momentum indicators have upward trajectories.
The USDCAD pair has broken the 1.263 support line as sellers begin to dominate price action. The move has seen the pair return to a previous range and a bearish trend may become established. Momentum indicators have downward trajectories with MACD breaking the zero line.
XAUUSD price action has moved towards the 1831 resistance line which was previously rejected. Given the upward trajectory of price action a break is imminent yet conviction will need to be strong to drive the break. Momentum indicators are moderately bullish although have stalled just above the neutral/bullish zone.
US500 has begun to find support as buying pressure has climbed in recent trading. A target exists at the 4788 resistance line where a previous rejection took place. Significant bullish momentum will be required to drive a break of the price ceiling. Momentum indicators have begun to flatten in neutral/bullish territory.
The HK50 index has broken the 23850 resistance line and has now entered a consolidation channel with the 24489 price level representing an upper bound. The move could represent a longer-term change in sentiment and the ‘bottom’ of a previous downtrend. Buyers conviction will be tested. Momentum indicators are bullish.