The USD/JPY pair has broken back above the 108.06 support level and is now testing the 108.46 resistance line. This has represented a key support level in recent trading acting as a price floor. The next target is the 108.83 resistance line as the dollar makes a bullish recovery. Momentum indicators are bullish with RSI bouncing back from oversold conditions.
The Eurodollar is continuing its upward trend after a minor pullback towards the 1.116 support level. Price action is heading back towards the 1.120 resistance level. A break of the resistance line would mean the Eurodollar moving into a new trading range. Momentum indicators are extending into bullish territory and RSI is heading towards overbought conditions.
The GBP/USD pair has rebounded from the 1.309 support level and is now testing the 1.316 resistance line. Although the overall trend is bullish the pair has been unable to keep price action in the 1.31-1.34 range. Volatility is expected as Brexit plans are finalized. Momentum indicators have stalled in bullish territory.
The USD/CHF sell-off has decelerated and there is some recovery in price action which has taken the pair back to test the 0.968 price level. An attempt to move price action towards the 0.971 resistance level was stalled with the pair heading back to the 0.968 support level. Momentum indicators have flattened in bearish territory.
The USD/CAD pair has paused the sell-off, as a series of small-bodied candles indicate a break in price action. The bearish move has stalled at the 1.295 support level with several tests yet to culminate in a break. Momentum indicators have reached oversold conditions.
Silver bulls have been tempered with a rise in selling pressure which has taken price action back below the 18.09 price level. The next target is the 17.73 support level as the metal will likely return to a previous trading range. Momentum indicators have reached overbought conditions.
Gold sellers have returned with a shooting star pattern forming at the top of the previous uptrend for the metal. Such a pattern indicates a bearish reversal is underway. The next support level is the 1552.64 price line and a break would confirm the reversal. Similarly, RSI is undergoing a bearish reversal.
WTI price action has begun to fall back as markets perceive lesser risk to supply levels. Price action is languishing at the $62 per barrel range and rising selling pressure suggests that price action may settle at the $60 per barrel range. Momentum indicators have flattened in bullish territory with RSI flattening overbought conditions.