The USDJPY pair has broken the trendline to the downside which is significant since the support area has held since September. The break has inspired the return of buyers in the early Asian trading session, although current conviction appears low. Momentum indicators have begun to stall in neutral/bearish territory.
GBPUSD has begun to fade lower as neither buyers nor sellers appear to have the appetite to dominate price action. Short-term price action reflects the longer-term bearish sentiment. Oscillations continue to reach lower highs as confirmation of a downtrend. Momentum indicators have downward trajectories.
The EURUSD has developed a moderate uptrend after rejecting the 1.120 price area. Price action and hence rallies have been contained by the descending trendline and therefore stronger bullish conviction is required to keep the current trajectory going. Momentum indicators have stalled in neutral/bearish territory.
XAUUSD price action has pulled back towards the 1831 as a lack of support for the rally has seen the recent break fade. A break back below the 1831 support level would see price action move back towards the ascending trendline. Momentum indicators are bullish, signaling potential for further upside.
JP225 Index is testing the 27,272 support level and so far, buyers appear to have returned in the first sign of a bullish reversal. The index has repeatedly failed to break the current consolidation range which has held since November. Momentum indictors are also undergoing bullish reversals.
ASX200 has broken a key support level at the 7,138 price line which has resulted in the immediate return of buyers to drive price action back to the previous trading range. The 7,093 support line now represents a new low. Momentum indicators are bearish with RSI testing oversold conditions.
NDX100 has begun to reverse after a sharp sell-off in last week’s trading. Price action has now begun to move passed previous support levels back to a previous range marked by the 15,169 resistance level. Momentum indicators are beginning to reverse after RSI moved beyond the oversold line.