GBP/USD Approaching Key Support Level
- April 5, 2019
The USD/JPY pair has broken the ascending trendline which represents a key resistance area for the pair and now price action is testing the 111.75 price level. Momentum indicators are turning more bullish; with MACD beginning a momentum reversal and RSI climbing further into bullish territory.
The EUR/USD pair has once again begun a bullish rebound from the 1.119 price level. The next target is the 1.125 support line as buyers return to the pair. Momentum indicators are also beginning a bullish reversal.
The GBP/USD pair has struggled to move passed the 1.314 price level in recent trading and as such is headed back to the ascending trendline which is a strong support area for the pair. MACD has stalled at the zero line and RSI has a neutral trajectory.
A dollar recovery has resulted in the pair testing the 1.001 price level and a break would send the pair into a previous trading range. Momentum indicators support the bullish sentiment with an upward trajectory on RSI and a momentum reversal is underway on MACD.
The USD/CAD pair has rebounded from the upper trendline of a symmetrical triangle as the pair approaches the apex. The pair is also testing the 1.335 price level with an overall bullish trend. Momentum indicators are currently neutral/bullish.
Silver has begun to climb after a sell-off resulted in the metal breaking several support levels. A series of doji candles indicates a lack of conviction from both buyers and sellers. Momentum indicators also reflect the indecision with bearish/neutral trajectories.
Gold sellers returned taking price action below the 1294.92 price level where price action has stalled. Again, a series of doji candles represent indecision as neither buyers nor sellers are dominating. Momentum indicators are bearish with MACD extending its position below zero and RSI flattening in bearish territory.
WTI buyers are beginning to dominate price action with the ascending trendline acting as a strong support for the commodity. WTI has broken the psychological $60 per barrel range, with the market eyeing the $70 per barrel range. RSI has broken the 70 resistance area whilst MACD is flat in bullish territory.
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