WTI Testing Key Resistance Level

  • 1 Jun 2020


The USD/JPY pair has failed to push beyond the 107.93 resistance level, where a series of doji candles have gathered, indicating a lack of conviction from buyers. The pair seems likely to take the previous horizontal price pattern in the near-term. Momentum indicators have moderate upward trajectories. 






Eurodollar is now testing the upper-bound of a previous trading range as optimism buoys the Euro. There are signs that the pair may be overbought and therefore the current uptrend may not last. Momentum indicators have turned bullish with RSI testing the overbought ’70’ line.






The GBP/USD pair has rebounded from 1.208 price level with only moderate conviction. Going forward, the pair will likely continue to oscillate between the 1.208 and 1.261 price levels. Momentum indicators are undergoing reversals.





The USD/CHF pair has returned to test the 0.959 support level as sentiment has turned bearish in recent trading. A break would be significant given the pair has been trading within the 0.965 and 0.976 price range for several months. Momentum indicators have begun downward trajectories. 





The USD/CAD breakout is struggling to gain traction yet sellers are still active especially in early trading today. A target exists at the 1.354 support level and the next few trading sessions will determine the conviction of sellers. Momentum indicators have downward trajectories. 





Silver has pushed beyond the 17.58 resistance level which has represented an obstacle for the metal in the past. The next test is the 18.62 price level. Momentum indicators are strongly bullish with RSI moving beyond the overbought line.






Gold buyers are still in the game and have been inspired to return after price action touched the 1693.16 support level. A break of the 1728 price level once again could indicate significant bullish momentum. Momentum indicators show further upside potential.






WTI appears to be struggling to move beyond the 34.90 resistance level, which if broken, would represent the return to pre-Covid-19 price levels. A break has still not materialised yet buyers appear to be active. Momentum indicators remain in bullish territory although RSI is testing overbought conditions. 



Sign up to get started

Open Demo Account
Open Live Account