Eurodollar Suffers In Mid-Week Trading

  • 25 Apr 2019

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USD/JPY

 

The USD/JPY pair has fallen back below the ascending trendline yet has maintained the bullish trajectory albeit a mild rally. Price action is relatively subdued with momentum indicators flattening out in bullish territory.   

 

 

 

 

EUR/USD

 

The EUR/USD pair is experiencing significant volatility as a result of macroeconomic factors. The descending trendline has become an obvious target for buyers yet the pair has broken the trendline in emphatic fashion. Additionally, a break of the 1.119 price level suggest significant bearish sentiment. Momentum indicators are neutral/bearish.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the ascending trendline to the downside as well as the 1.297 price level which represents a previous resistance area. Fundamentals continue to determine near-term direction for the pair. Momentum indicators have moved further into bearish territory, with RSI approaching oversold conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has undergone a strong rally however, there are signs that the rally is losing steam. A doji candle at the top of the uptrend may be the first sign that a reversal is imminent. Momentum indicators are mixed, with MACD extending its bullish position and RSI stalling in overbought conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the upper trendline in a much anticipated bullish breakout to complete the symmetrical triangle pattern. The obvious target for buyers is the recent price high at the 1.363 area. Momentum indicators have turned bullish in support of the rally.

 

 

 

SILVER

 

Silver has broken the 15.23 support line and the metal has assumed a new trading range after a recent sell-off. The next target for sellers is the 14.76 price level, however price action has stalled with a series of doji candles indicating indecision. Momentum indicators are bearish with RSI stalling above the 30 oversold line. 

 

 

 

 

GOLD

 

Gold has broken the 1279.66 support level representing the end of the recent rally. The metal has broken out of a trading range between the 1279.66 and 1322.43 price levels which may signify longer-term bearish sentiment. Momentum indicators remain bearish, although RSI has reached oversold conditions.

 

 

 

 

OIL

 

WTI buyers are beginning to dominate price action with the ascending trendline acting as a strong support for the commodity. WTI has reached the target of $65 per barrel and the $70 per barrel range is in sight. RSI continues to test 70 resistance area and MACD has stalled in bullish territory.   

 


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