The USDJPY pair is approaching a recent price high at the 111.50 resistance line. Bullish conviction has begun to soar and buyers have dominated the last four trading sessions. Momentum indicators are approaching overbought conditions yet there remains further upside.
The Eurodollar is now testing the 1.167 support level which has been a zone for bullish rebounds in the past. Bullish conviction currently remains low and despite weak selling pressure, price action continues to fade lower, following the longer-term trajectory.
The USDCAD has plummeted towards the ascending trendline, where bullish rebounds typically take place. Given the weakening bearish conviction signaled by the doji candles on the approach to the trendline, we may expect the imminent return of buyers.
The USOUSD has surged passed several resistance zones to now test the 75.74 price high. A previous test resulted in a pullback and extended sell-off, returning to the $60 per barrel stabilizing range. Given that momentum indicators suggest the commodity is overbought, we may anticipate another pullback.
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This article is to be used only as a reference, not as a basis for trading.