USD/CAD Reaches New Lows
- July 4, 2019
Dollar weakness continues to persist taking USD/JPY pair back to the 107.16 support level. A break of the descending trendline suggests that longer-term price action will likely remain bearish. Volatility has led market participants into safe-haven assets such as the Yen. Momentum indicators remain in bearish territory.
The EUR/USD pair has once again suffered from a sell-off resulting in a break of the 1.130 support level. The break has since resulted in the deceleration of bearish price action. Overall, in the longer-term, the trend is bullish with a series of oscillations represented by the current direction of price action. Momentum indicators are moderately bullish.
The GBP/USD pair continues to come under pressure from the US Dollar and hence price action has turned towards the 1.253 support level. 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 test the 0.987 resistance line, despite the fact that the overall, longer-term direction of price action is bearish. Price action will reflect sentiment in the dollar, as the greenback begins to strengthen, price action will continue to move higher. Momentum indicators have flattened in bearish territory.
The USD/CAD pair has plummeted to break 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. The pair continues to move beyond the support level and momentum indicators have flattened in strongly bearish territory.
Silver's rally has recovered after a mild pullback to the ascending trendline which resulted in the return of buyers. Fundamental factors are likely to come into play in terms of the future direction of price action. Momentum indicators are bullish with room for further upside.
Gold price action has been volatile in recent trading. Buyers are still very much present for the metal as recent price highs continue to be tested. Several tests of the 1439.13 resistance line have failed to create a break, however, even though the long-term direction of price action is bullish.
WTI has found resistance at the $60 per barrel price range and as such, sellers have returned sending price action towards the $55 per barrel price level. Momentum indicators are neutral which suggests that sentiment is neither strongly bullish or bearish.
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