The USD/JPY pair has dropped below the 108.78 price level as the Dollar continues to be weak against the Yen. Despite the return of buyers, the pair has been unable to break the resistance line. Momentum indicators support the bullish sentiment; with both MACD and RSI undergoing bullish momentum reversals.
The EUR/USD pair has broken a resistance level at the 1.130 price level which has resulted in the return of sellers. A recent price high exists at the 1.141 price level and buyers will require strong conviction to push price action to this level. RSI is showing signs of a reversal; pulling away from overbought conditions. MACD continues to support bullish sentiment.
The 1.260 represents a strong support area for the GBP/USD pair as a bullish reversal has taken price action to the 1.271 support line. The next target is the 1.279 support level. Momentum indicators have a bullish trajectory.
The USD/CHF pair is testing the 0.990 price level after a strong sell-off in recent weeks. The dollar appears to be attempting a recovery, however momentum indicators remain in bearish territory. However, RSI appears to be undergoing a bullish reversal.
The USD/CAD pair is hanging in a neutral zone after breaking the 1.330 price level which represents a strong support area. If the bearish sentiment continues; the pair is likely to head towards the 1.319 price level. MACD has broken the zero line to the downside, however, RSI has reached oversold conditions indicating a potential reversal.
Silver is being held up at the 14.76 price level as sellers have failed to break the support line. A sustained rally has represented a strong recovery for the commodity. Momentum indicators have an upward trajectory with MACD breaking the zero line to the upside and RSI approaching overbought conditions.
Gold has found resistance at the 1339.49 price level which also represents a recent price high. A reversal appears to be underway for the commodity as selling pressure increases. Momentum indicators have stalled in bullish territory and RSI has broken the 70 overbought line to the downside.
WTI sellers have taken price action price action to the $50 per barrel mark where buyers soon returned. The rally has stalled at the $54 per barrel range with $55 per barrel representing a key resistance area. Momentum indicators are also undergoing a reversal with RSI recovering from oversold conditions and MACD changing direction.
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