A Descending Triangle Pattern Has Formed In USD/CAD

• 26 May 2020

USD/JPY

The USD/JPY pair has failed to push beyond the 107.93 resistance level, where a series of doji candles have gathered, indicating a lack of conviction from buyers. The pair seem likely to take the previous horizontal price pattern in the near-term. Momentum indicators have moderate upward trajectories. 

 

 

 

 

EUR/USD

The Eurodollar has pulled back from the 1.098 resistance line as sellers returned once again to block the break. In the absence of a break, price action will likely remain in range between these two price levels. Momentum indicators have moderate upward trajectories.

 

 

 

 

GBP/USD

The GBP/USD pair has rebounded from 1.208 price level after an extended bearish bias. Going forward, the pair will likely continue to oscillate between the 1.208 and 1.261 price levels. Momentum indicators are undergoing moderate reversals.

 

 

 

USD/CHF

The USD/CHF pair has failed several times at the 0.976 price level. Oscillations are beginning to narrow in a tighter trading range between the 0.961 and 0.976 price levels. Momentum indicators are languishing in neutral territory. 

 

 

 

USD/CAD

The USD/CAD pair has once again failed to clear the 1.386 price line with any real conviction, as the support area seems to be a magnet for the pair. The pattern of oscillations indicate a downtrend may be forming with lower highs.  Momentum indicators have flattened in neutral territory. 

 

 

 

SILVER

The Silver rally has begun to wane and sellers have returned to stop the break of the 17.58 resistance area. Buyers’ appetite remains and another attempt at a break is underway. Momentum indicators have stalled in bullish territory with RSI testing the overbought line.

 

 

 

 

GOLD

Gold has broken the upper trading range at the 1728 resistance level, yet the break has been met with a rise in selling pressure. A such the metal has returned to test the 1728 price level. An uptrend has been established and the current direction of price action indicates a pause. Momentum indicators remain in bullish territory.

 

 

 

 

OIL

WTI buyers have been able to build momentum to drive price action towards the 34.90 resistance level. A break of this resistance level would be significant as it represents the gap fill line. Yet the conviction is not there currently. Momentum indicators have sharp upward trajectories, yet RSI is testing overbought conditions.