USD/JPY buyers have pushed beyond the 107.93 resistance line as price action appears to be heading towards the 110.19 price level. In the past, this resistance area has proven to be a hurdle for buyers. The pair may therefore return to a previous trading range between the 107.93 and 110.91 price levels. Momentum indicators have upward trajectories.
The Eurodollar has once again come under pressure with sellers pushing price action towards a low at the 1.078 support level. Price action was held above the 1.089 support line where the pair is retesting the support line in today's trading. Momentum indicators have sharp downward trajectories.
The GBP/USD pair has plummeted to all-time lows at the 1.149 price level as stricter measures are put in place to lessen the spread of COVID-19. The Pound may come under further pressure as the virus situation approaches its peak. Momentum indicators have extended further into bearish territory with RSI remaining strongly oversold.
The USD/CHF pair is struggling to move beyond the 0.973 resistance level as selling pressure rises. The 0.964 support level will remain as a price floor if the pair continues to oscillate within this trading range. Momentum indicators have upward trajectories.
The USD/CAD rally continues despite some rise in selling pressure. The pair has topped multi-year highs and yet US Dollar buyers remain active. There are not currently any strong signs of a reversal therefore there could be further upside in the pair. Momentum indicators remain in bullish territory with RSI extending further into overbought territory.
The Silver sell-off appears to be losing steam as buying pressure rises, denoted by the long lower shadows. Buyers appear to be returning to the pair in early trading today. If the current candle closes bullish and moves towards the 14.30 resistance area, a reversal may be indicated. Momentum indicators remain in bearish territory with RSI flattening in oversold conditions.
Gold has struggled to move beyond the 1485.27 support level despite rising buying pressure. The metal may oscillate between the 1455-1485 price levels for the near-term especially as the US Dollar strengthens. Momentum indicators have bearish trajectories with RSI testing the 30 support level.
WTI price action has moved lower, breaking the $30 per barrel range as a global recession appears more likely. How much further WTI prices fall will be determined by the development of the coronavirus. Given the trajectory of momentum indicators, oil prices are likely to remain in bearish territory.