Dollar weakness has subsided and hence the USD/JPY pair has moved beyond the 107.61 price level to spike through the 108.07 resistance line. The next target is the 108.78 resistance level. Momentum indicators support bullish sentiment and are presenting with upward trajectories.
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 indicate 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.
The GBP/USD pair appears to be trading horizontally with a series of doji candles and mild tests of the 1.271 resistance line. The pair is more likely to be impacted by fundamental factors going forward. Momentum indicators are moderately bearish.
The USD/CHF pair has made a recovery to break the 0.974 price level to the upside and is now testing the 0.980 resistance line. Price action will reflect sentiment in the dollar, as the greenback begins to strengthen, price action will continue to move higher. Momentum indicators appear to be undergoing bullish reversals.
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. In fact, buying pressure has risen and has taken price action to test the 1.309 price level once more. 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 price action has been volatile in recent trading as G20 meetings come to an end. Various doji candles denote indecision and the fact that neither buyers nor sellers are dominating price action. The commodity is likely to remain in this trading range in the near-term until fundamental factors become clearer. Momentum indicators are turning bearish.
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.
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