Will Sterling Break A Long-Term Support Level?
- April 8, 2019
The USD/JPY pair continues to test the 111.75 price level, although sellers appear to have returned, with the ascending trendline acting as support for the pair. Momentum indicators are decelerating; with MACD stalling above the zero line and RSI beginning a downward trajectory.
The EUR/USD pair has stalled just above the 1.119 support level and a series of doji/small-bodied candles indicate that neither buyers nor sellers are winning the battle. Momentum indicators have flattened in bearish territory.
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. Despite a spike through the support area, price action failed to break. MACD has broken the zero line and RSI is neutral.
A dollar recovery has resulted in the pair testing the 1.001 price level yet the pair has failed to break resulting in a fall back to the 0.997 price level. Momentum indicators support the bullish sentiment with an upward trajectory on RSI and a momentum reversal is underway on MACD.
The USD/CAD pair is once again testing 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 buyers have returned to test the 1294.92 price level once again, however, there does not appear to be significant momentum behind the move. Again, a series of doji candles indicate that neither buyers nor sellers are dominating. 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 market eyeing the $70 per barrel range. RSI has broken the 70 resistance area whilst MACD continues a bullish trajectory.
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