The USD/JPY pair has begun to rally and has broken the 111.82 resistance line. The break has sealed the recovery from the sell-off at the start of the year. Momentum indicators support the bullish sentiment, however, RSI has reached overbought conditions.
The EUR/USD pair has broken the 1.129 price level after a sharp rise in buying activity and the pair is now headed towards the descending trendline. A trading range between the 1.129 and 1.145 price levels has been established. Momentum indicators both support the bullish sentiment.
The GBP/USD pair has tested a recent price high at the 1.330 resistance level, however, selling pressure has begun. This resistance line has proven to be a real hurdle for buyers in the past, with failure resulting in price action dropping back. At the same time, RSI has pulled back from overbought conditions.
The USD/CHF pair has pulled back towards the 0.997 price level and has stalled at this support level. RSI is testing the default line and has flattened in neutral territory. MACD is commencing a bearish reversal.
The USD/CAD pair has finally broken out of the symmetrical triangle with a strong rally to break the 1.326 resistance line. The next target for buyers is the 1.326 price level. Momentum indicators are undergoing a momentum reversal with MACD on the verge of breaking the zero line.
Silver sellers have started to dominate price action, driving prices towards the 14.91 price level. Momentum indicators have turned bearish with MACD approaching the zero line and RSI reaching the 30 support level.
Gold is maintaining the bullish trend over the longer term. The metal has crossed the 20 period SMA into the sell channel and has also broken the 1303.94 price level. MACD is undergoing a momentum reversal and RSI is approaching the 30 support level.
WTI continue to test the 55.74 resistance line as a series of doji candles indicate a pause in the bullish trend. MACD remains in bullish territory with RSI approaching the 70 resistance level. Buying pressure appears to rising, however, which indicates residual appetite from bulls.
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