WTI Struggles To Build Bullish Momentum

  • 25 Jun 2020

USD/JPY

The USD/JPY pair seems set to oscillate between the 105.93 and 107.93 price levels in the near-term. The 105.93 support level has represented a price floor in a recent trading range and the lack of conviction suggests this level will hold. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers have been overturned and the pair has once again returned to the 1.124 support level. A break of this price level may signal a longer-term downtrend. Momentum indicators reflect the bearish bias with sharp downward trajectories.

 

 

 

 

 

GBP/USD

The GBP/USD pair will likely continue to oscillate between the 1.221 and 1.261 price levels. Neither buyers nor sellers have been able to dominate price action. Momentum indicators have resumed downtrends with MACD approaching the zero line.

 

 

 

 

 

USD/CHF

The USD/CHF pair has returned to the 0.942 support level as buyers lack the conviction to drive a break at the 0.951 price level. A longer-term downtrend appears to be forming which may see the 0.942 support level tested. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD has recovered after an extended sell-off, finally finding the momentum to move away from the 1.354 support level. The next target is the 1.386 resistance level which is the floor of a previous trading range and represents a price recovery. Momentum indicators have moderate upward trajectories. 

 

 

 

 

 

GOLD

Gold buyers have returned and a bullish breakout is underway, as the metal moves beyond a significant obstacle at the 1745.74 price level. If the break can be sustained the bullish move may find significant support and reestablish the longer-term uptrend. Selling pressure remains. Momentum indicators have upward trajectories.

 

 

 

 

 

OIL

WTI has another failed attempt at the 41.40 resistance line as sellers have returned to drive price action away from the resistance area. So far, the $35-40 per barrel range remains intact and will likely represent a longer-term floor and ceiling for the commodity. Momentum indicators are undergoing reversals. 

 

Sign up to get started

LIQUIDITY
PROVIDERS
Open Demo Account
Open Live Account