The USD/JPY pair has finally broken the 106.05 support level. The break comes against a backdrop of longer term bearish sentiment yet current moves lack conviction. We may expect price action to move towards the 104.67 support level. Momentum indicators have stalled in neutral territory.
Eurodollar buyers are finding support as bullish momentum appears to be rising. The question remains: can the pair breach the current trading range? Previous attempts have failed. Momentum indicators have begun upward trajectories.
The GBP/USD pair has bounced back from the 1.274 support level indicating that the longer-term bullish run may remain intact. Selling pressure continues, however. Momentum indicators remain in negative territory, although RSI is recovering from oversold conditions.
The USD/CHF bearish move continues despite some activity from buyers. Another test of the 0.903 support level seems imminent and a bearish breakout is anticipated, as the pair moves closer to the triangle apex. Momentum indicators have flattened in bearish territory.
The USD/CAD pair has flattened just below the 1.322 resistance line as doji candles have formed after rejecting the price level. The descending trendline remains a clear resistance level which will take the pair closer to an anticipated bearish breakout. Momentum indicators have flattened in bearish territory.
Gold buyers are tracing the bullish trendline as some momentum appears to be building. The metal is edging closer to the 2001.77 resistance level which represents a previous obstacle for buyers. A bullish breakout could be imminent. Momentum indicators have flattened in neutral/bullish territory.
WTI continues to lose momentum with further declining activity as illustrated by small bodied candles in the middle of the trading range. The $30 per barrel range appears likely to remain intact in the near-term, again, unless there is any change to fundamental factors. Momentum indicators are bearish with RSI flattening at the 30 support level.