Pressure Building At Key Support Area For GBP/USD
- April 12, 2019
The USD/JPY pair has established a new trading range between the 110.20 and the 111.73 price levels with price action oscillating within this range since February. The 111.73 price level has developed as a strong resistance line from which price action has been rejected on several occasions. Momentum indicators are moderately bullish.
The EUR/USD pair has broken the 1.125 price level and the ascending trendline with a strong bullish candle. Momentum indicators support the bullish sentiment with upward trajectories.
The GBP/USD pair continues to test the ascending trendline, however, on several previous occasions a bullish reversal has ensued once price action reached this support line. So far the pair has been unable to fully break, therefore another rebound seems likely. MACD has broken the zero line, however RSI remains neutral.
A dollar recovery has resulted in the pair bouncing back and forth between the 0.997 price level and the 1.001 price level. Momentum indicators still support bullish sentiment; with an upward trajectory on RSI and MACD on the verge of breaking the zero line.
The USD/CAD pair is oscillating closer to the upper trendline with the 1.330 price level representing a support. The pair is also edging closer to the apex which should result in a bullish breakout. Momentum indicators are currently neutral but are turning more bearish with downward trajectories.
Silver has suffered from a strong sell-off after hitting the 15.23 price level which has developed as a resistance area. Momentum indicators are bearish with RSI approaching the 30 oversold line.
Gold buyers have returned to test the 1294.92 price level, which essentially confirms the trading range between the 1279.66- 1322.43 price levels as price action is yet to break the 1279.66 price floor. Momentum indicators appear to be undergoing moderate bullish reversals.
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 next target of $65 per barrel in sight. RSI has broken the 70 resistance area but is beginning to revert back towards the 70 level once more. MACD continues a bullish trajectory.
Follow Us on Facebook: