Bullish Reversal For USDCAD Pair

• 12 Jun 2020

USD/JPY

The USD/JPY pair has dropped below the 107.93 support level, as sellers return to drive price action back towards the 105.93 price line and a previous trading range. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers made another attempt at the 1.140 resistance line yet a break was not sustained. Sellers have returned with gusto in early trading as the pair is likely to oscillate between the 1.124 and 1.140 price levels. Momentum indicators appear to be undergoing reversals.

 

 

 

 

GBP/USD

The GBP/USD pair has finally broken the 1.261 resistance level and is heading towards the 1.280 price level which represents the floor of a previous trading range. Momentum indicators remain in bullish territory and RSI is testing the overbought resistance line at 70. 

 

 

 

USD/CHF

The USD/CHF sell-off has built momentum and as such, the pair is not testing the 0.924 support level. Price action has now stalled at this level with buying pressure rising. There currently appears little appetite from sellers to drive price action lower. Momentum indicators have turned bearish with RSI testing oversold conditions. 

 

 

 

USD/CAD

The USD/CAD has found support after an extended sell-off as the US Dollar makes a revival. Price action is now heading back towards the 1.386 resistance line. Momentum indicators are undergoing reversals with sharp upward trajectories. 

 

 

 

SILVER

Silver has returned to the 17.58 price line and buyers have led the rise in price action with conviction, yet a break has not been sustained. The pair continues to hug this price line as neither buyers nor sellers have been able to dominate price action. Momentum indicators have a bearish bias. 

 

 

 

 

GOLD

Gold buyers have returned to take the metal back towards the 1745.74 resistance line yet again the price area represents a sticking point. Oscillations between the 1693 and 1745 price levels seem likely to continue. Momentum indicators have moderate downward trajectories.

 

 

 

 

OIL

WTI has returned to the 34.90 resistance level without truly testing the 41.40 resistance line. The $35-40 per barrel range may be a stabilizing price and certainly a level where certain OPEC members can find production profitable. Momentum indicators remain in bullish territory although RSI is pulling away from overbought conditions.