The USD/JPY pair is testing the 107.16 price level which represents a strong support area for the pair; which on previous occasions has resulted in a rebound in price action. The pair has been trading within the 107.16 and 109.28 price range and this seems likely to continue. Momentum indicators are mixed with RSI approaching oversold conditions and MACD testing the zero line to the upside.
EUR/USD has reached multi-year lows after breaking the 1.112 price floor. Price action reflects a reversal in some sense with a hammer candle at the bottom of the up move. Buyers will target the 1.112 floor once more. Momentum indicators are extending their positions into bearish territory yet RSI has bounced back from oversold conditions.
The GBP/USD pair has broken the trading range between the 1.240 and the 1.253 price levels, representing yet another multi-year low. The break confirms a longer-term downtrend for the pair as a series of doji candles indicate a stall in the sell-off. Momentum indicators remain bearish, with RSI approaching and flattening in oversold conditions.
The USD/CHF pair has spiked through the 0.993 resistance line but was unable to sustain a break as price action begins to oscillate in a tighter trading range. Momentum indicators are neutral if slightly bearish; with MACD flattening at the zero line and RSI stalling just below the default line.
The USD/CAD pair continues to test the 1.320 resistance line but is yet to break this price level, despite several attempts. The pair will likely trade in the range between 1.302 and 1.320 price levels going forward. Momentum indicators are sharply bullish with MACD testing the zero line and RSI approaching oversold conditions.
Silver has broken the 16.31 support level, yet there is, however, some residual buying pressure which may suggest that current price action is just a pullback in the rally. Momentum indicators are also pulling back from overbought conditions with MACD beginning a downward trajectory and RSI breaking the 70 resistance line.
Gold has rejected the 1439.13 price level once again as the metal appears unable to break this resistance line, despite the overall, long-term trend being bullish. Momentum indicators are also pulling back from overbought conditions in moderate bearish reversals.
WTI continues to oscillate around the descending trendline with price action rejecting the 58.14 resistance line and subsequently breaking the 54.92 support line, where buyers have returned. Therefore, the 54.92 support level may remain intact. Momentum indicators are bearish, with MACD breaking the zero line to the downside and RSI heading into the bearish channel.
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