Dollar weakness has subsided and hence the USD/JPY pair has moved beyond the 107.61 price level to test the 108.07 resistance line, yet the pair was rejected. Since, momentum indicators have flattened with MACD remaining in bearish territory and RSI breaking the zero line.
The EUR/USD pair has once again rebounded from the 1.141 price level as the Euro strength against the dollar begins to wane. A series of doji candles indicates no immediate direction for the pair. However, a new trading range may be established between the 1.130 and 1.141 price levels. Momentum indicators have flattened in bullish territory.
A trend change is underway for the GBP/USD pair with price action returning from the 1.271 resistance line. Selling pressure is rising which may take price action towards the 1.260 support level. Momentum indicators have flattened in bearish territory.
The USD/CHF pair has made a recovery to break the 0.974 price level to the upside. Price action will reflect sentiment in the dollar, as the greenback begins to strengthen, price action will move towards the 0.980 resistance line. Selling pressure denotes the residual presence of sellers and the battle is likely to continue.
The USD/CAD pair has plummeted to the 1.309 support level after a strong dollar sell-off last week. On previous occasions this price level has proven to be a strong support resulting in a bullish reversal. Momentum indicators remain in bearish conditions.
Silver's rally appears to have lost steam, with a push back in price action taking the metal towards the 15.23 support line. Fundamental factors are likely to come into play in terms of the future direction of price action. RSI has pulled away from the overbought 70 resistance line and MACD is undergoing a momentum reversal.
Gold buyers are persistent and despite selling pressure in recent trading, the metal is returning to recent price highs. The commodity is likely to trading horizontally in the near-term until fundamental factors become clearer. Momentum indicators are strongly bullish.
WTI has found support in recent trading as geopolitical issues begin to heighten and the market anticipates further production cuts from the upcoming OPEC meeting. As such, this has resulted in price action returning towards the $60 per barrel range which is widely considered a stabilising price for the commodity. Momentum indicators are bullish, although RSI has flattened just below overbought conditions.
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