The USD/JPY pair has broken the descending trendline with a strong bullish move. After the break, however, selling pressure has risen. The pair will likely track the descending trendline downwards. Momentum indicators remain bearish.
The Euro has broken both the 1.114 and 1.112 support levels and may head towards a recent price low at the 1.107 support level. Momentum indicators have extended into bearish territory with RSI approaching the 30 support level.
The GBP/USD pair continues to move lower with intermittent breaks where sellers appear to lose steam. Each slowdown in the trend has resulted in rising selling action. A series of doji candles generally form ahead of a breakout. The pair continues to be impacted by political developments. Momentum indicators have flattened in negative territory, with RSI bouncing along the 30 support level.
The USD/CHF pair has broken the 0.971 support level as well as the descending trendline and buyers are beginning to gather momentum. The next target for price action is the 0.981 price level which represents a previous support area. Momentum indicators have turned bullish.
The USD/CAD pair has broken the 1.330 resistance line but is yet to have a convincing break of the resistance area. The next target for price action is the 1.337 price level. Momentum indicators are bullish, however, RSI is approaching overbought conditions.
Silver has continued the rally after some exhaustion in the uptrend. Although there has been a slowdown in the rally, buyers are still very much active in the metal. Momentum indicators are reflecting bullish sentiment currently, however, RSI has stalled at the overbought 70 resistance level.
Gold continues to test the ascending trendline which is currently acting as a resistance level in the pair. A series of doji candles may indicate a slowdown in the rally, yet the trendline continues to be tested. Momentum indicators remain strongly bullish and continue to test the 70 overbought line.
WTI volatility continues as a reflection of geopolitical tensions with strong bullish, followed by strong bearish, activity in alternate trading sessions. Activity has slowed to two doji candles in recent trading representing a fall in volatility and some indecision. Momentum indicators are neutral if slightly bearish.
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