The USD/JPY pair continues to rally, with four of the last five trading sessions resulting in strong bullish price action. The pair is yet to move beyond the 108.48 resistance level in recent trading, with a rebound in price action occurring on previous occasions. Momentum indicators remain in bullish territory with sharp upward trajectories.
The Eurodollar has broken the descending trendline and is now heading towards the 1.107 resistance line. The break has been met with rising selling pressure, however, despite bullish price action. The resistance area therefore will likely remain intact. Momentum indicators have upward trajectories.
The GBP/USD pair has enjoyed strong optimism in recent trading, as a breakout through in the political deadlock may be on the horizon. The pair was unable to reach the 1.274 resistance line as rising selling pressure has stalled price action. Momentum indicators are bullish, however, RSI has pulled back from overbought conditions.
The USD/CHF pair is now testing the 0.997 resistance level once again as the rally continues. Selling pressure has pushed price action back below the resistance area which remains a hurdle for the pair. Buyers appear to lack the conviction currently to push price action back towards the 1.001 resistance line. Momentum indicators have flattened in bullish territory.
The USD/CAD pair has suffered a sell-off as rising oil prices are offset in this petrocurrency pair. Price action sank to the 1.319 support area where buyers returned. Generally price action has undergone a bullish recovery at this price level and the pair is likely remain within the 1.319 and 1.333 trading range. Momentum indicators have downward trajectories.
Silver is fast approaching the apex of a symmetrical triangle where a breakout is expected. The direction of the breakout will be the next likely trend for the metal. A series of doji candles at the apex of the triangle identify indecision in the pair. Momentum indicators remain in neutral if slightly bearish territory.
Gold has been trading horizontally, within a tight trading range in recently. Price action is now testing the ascending trendline at the 1485.27 price level, which has been acting as a key support level. Momentum indicators remain in neutral/bearish territory.
WTI price has rebounded with strong bullish sentiment driving price action towards the 54.44 resistance line. The commodity is sensitive to geopolitical developments and hence volatility will likely continue. Momentum indicators are recovering from oversold conditions.