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A Bearish Break For The Eurodollar
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.
Impact event: U.S. CPI data will be released at 15:30 GMT+3 and will impact all US Dollar pairs.
The EUR/USD pair has completely reversed its bullish run to break both the 1.153 price level and the descending trendline. MACD has extended its bearish position and RSI is approaching oversold conditions.
The GBP/USD pair has broken the descending trendline and has pulled away from long term support levels. MACD has extended its bearish positions and RSI has broken the 30 support level. Volume has begun to increase into the move suggesting strong conviction from sellers.
Impact event: U.K. GDP data will be released at 11:30 GMT+3 and will impact all GBP pairs.
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.
Impact event: Canada Employment Change data will be released at 15:30 GMT+3 and will impact all CAD pairs.
Silver appears to be consolidating in a tight trading range though buyers are making another attempt at dominating price action. An evening star doji pattern appears to be forming in recent trading however, which may signal bearish momentum is likely to take over.
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. However price action continues to test the 66.13 price level. Momentum indicators are strongly bearish.
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