The USDJPY pair is still making moves higher, although price action indicates that the rally is waning. Small-bodied candles suggest the rally has lost steam and a reversal or at least a stall may be imminent despite the apparent buying pressure. Momentum indicators are bullish and RSI signals that the pair is overbought.
The GBPUSD pair has broken the descending trendline, yet despite the strong bullish move for the break, selling pressure began to rise. The current candle will indicate how much bullish conviction remains after the break. Momentum indicators have strong upward trajectories, with MACD breaking the zero line to the upside.
The Eurodollar has tested the 1.167 resistance line with a touch in yesterday’s trading which saw the return of selling activity. The rally continues, however, and another test of the resistance line is to be expected. Momentum indicators have sharp upward trajectories.
ASX200 has broken the 7399 resistance zone after breaking the descending trendline, in confirmation of strong bullish conviction. A price ceiling exists at the 7617 price line and this price level will remain a target for price action. Momentum indicators are bullish with MACD testing the zero line.
The US500 has advanced towards a recent price high at the 4545 price line. The next few trading sessions will determine whether the index is about to resume the most recent rally or the breakdown of the rally will continue with an extended period of consolidation.
The JP225 is testing the upper bound of a long-established trading range. The price line has represented an obstacle for buyers in the past and currently selling activity has risen in today’s session. Momentum indicators reflect bullish sentiment and MACD looks on the verge of a bullish break.