The USD/JPY pair has broken the 107.16 price level taking price action towards the previous and strong resistance area at the 108.54 price level. This may indicate that the pair has now moved into a new trading range between the two price levels. Momentum indicators have turned more bullish, with MACD breaking the zero line and RSI moving towards overbought conditions.
The Euro has stalled at the 1.102 resistance level, after rising bearish sentiment in the pair in yesterday's trading. A longer-term downtrend indicated by the descending trendline suggests that sentiment remains bearish. Momentum indicators are undergoing a moderate recovery from strongly bearish positions.
The GBP/USD pair has rebounded, breaking the descending trendline and taking price action towards the 1.240 resistance level (a previous support level). A series of doji candles indicate a lack of conviction from buyers to drive price action higher. Momentum indicators have turned sharply bullish with MACD breaking the zero line to the upside and RSI heading into the buying channel.
Buyers have returned to the USD/CHF pair as a longer-term bullish trend begins to form. Price action has climbed to test the 0.993 price level which represents a key resistance area for the pair. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI moving into the buying channel.
The USD/CAD pair has broken several support levels to the downside as well as the ascending trendline. This move has inspired buyers to return to the pair and take price action back above the ascending trendline. Momentum indicators have a downward trajectory with MACD breaking the zero line and RSI approaching oversold conditions.
Silver's extended rally appears to have reversed, with the metal breaking several support levels, taking price action towards the ascending trendline. A series of doji candles indicate a stall in price action, as the metal languishes just below the 18.17 resistance line. Momentum indicators have also stalled after sharp bearish reversals.
Gold continues to test the 1497.19 support level after a strong bearish move in the metal. This resistance line remains a sticking point for the Gold. Price action may remain in a tighter trading range between the 1497.19 and 1549.95 price levels. Momentum indicators are undergoing bearish reversals with MACD approaching the zero line and RSI entering into the sell channel.
WTI remains volatile in the face of ever-changing macroeconomic conditions. Price action has spiked through the $58 per barrel mark, an almost two-month high. The test has resulted in the return of sellers which has resulted in price action breaking the 56.69 price level. Momentum indicators have flattened in neutral/bullish territory.