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WTI Tests Its Lower Trading Range
The USD/JPY pair has broken the ascending trendline to the downside with the beginning of what looks like a flag pattern. For sellers, the target is the 110.65 price level. MACD is heading towards the zero line indicating momentum is bearish. RSI is neutral if slightly bearish.
The EUR/USD pair has pulled away from a series of key support levels. The pair is now testing the 1.164 price level after a bullish recovery from the 1.153 price level. MACD has broken the zero line to the downside yet RSI appears to be pulling away from oversold conditions.
The GBP/USD pair continues to test the descending trendline and a moderate break in recent trading failed to fully develop. Momentum indicators are bearish and RSI has reached oversold conditions.
The USD/CHF pair has failed to break the descending trendline once again and has returned to break the 0.993 price level. For buyers the next price target is the 1.003 price level. Momentum indicators are neutral.
The USD/CAD pair is now beginning to return to the 1.309 price level after failing to reach the 1.294 support level, though has stalled at the 1.302 resistance line. Momentum indicators are turning more bullish as MACD appears to be undergoing a momentum reversal.
Silver appears to be consolidating in a tight trading range though buyers are making another attempt at dominating price action. MACD has returned from strongly bearish conditions and appears to be undergoing a momentum reversal. Appetite seems to be waning, however, as volume is declining.
Gold has reached oversold conditions and is starting to pull away from the descending trendline as a buyers return to the metal. Momentum indicators remain strongly bearish although RSI has broken the 30 support level to the upside.
The 68.84 price level appears to be a sticking point for WTI in recent trading. Price action appears likely to trade in the range between between the 66.13 and the 68.84 price levels. Momentum indicators are moderately bearish.
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