Asian Indices Find Support

  • 13 Jul 2021


The USDJPY pair may trace the ascending trendline higher as buyers have returned after the break, yet momentum remains moderate. There appears not be a total breakdown in the rally, therefore the 11.42 price line remains a target. Momentum indicators have stalled in neutral territory.






The GBPUSD pair has rebounded from the 1.380 support level, yet since the move, bullish conviction has begun to wane. Price action is now languishing mid-range between the 1.380 and 1.399 price levels. Momentum indicators have upward trajectories.






The Eurodollar is being contained by the ascending trendline which has now developed as a resistance level for the pair. The pair has currently maintained the break of the 1.184 price line and may now consolidate within the current range. Momentum indicators are pulling away from oversold conditions.






The USDCAD has pulled back to the 1.245 support level, yet a break has not materialised despite the sharp rise in bearish sentiment. Buyers will be tested in the process of establishing a trend change, as sellers remain active. Momentum indicators have flattened in bullish territory.






XAUUSD continues to float higher as there is a moderate bullish bias, even though conviction currently remains weak, as highlighted by the small-bodied candles. The next target is the 1837 resistance line, with the ascending trendline remaining as a key support level. Momentum indicators have upward trajectories.






The HK50 is climbing away from the 27,630 price line after a short-lived break. The next target is therefore the 28,172 resistance line. This resistance line represents the lower bound of an well-established consolidation channel.  Momentum indicators are bullish.






The JP225 index has broken the 28,532 resistance line and the next obstacle is the descending trendline. Typically bearish pullbacks occur at this resistance line, therefore strong bullish conviction will be required to overcome tis resistance levels. Momentum indicators are bullish.


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