The USD/JPY pair has been unable to reach the 110.19 resistance level with price action stalling after the break of the 109.61 resistance level. The 110.19 price level represents a hurdle for the pair from which price action has previously rebounded. Momentum indicators have flattened in neutral/bullish territory.
The Eurodollar has come under pressure with strong bearish moves taking the pair through a series of support levels to test the 1.096 price line. The move decelerated in yesterday’s trading, denoted by a small-bodied candle with long shadows indicating a tussle between buyers and sellers. Momentum indicators remain in bearish territory, with RSI flattening just above the 30 support level.
The GBP/USD pair has continued to test the 1.295 support level which has resulted in a series of failed breaks. Price action moved beyond this support area in yesterday’s trading, yet it remains to be seen whether there is enough momentum to push price action lower. Momentum indicators are moving into sell channels.
USD/CHF buyers have found support, pushing price action through several resistance areas, towards the 0.978 resistance line. Small-bodied candles suggest a slowdown in the uptrend with the pair testing the 0.973 price level. If the pair is able to push beyond this level, then the uptrend become more significant. Momentum indicators have sharp upward trajectories in support of the bullish bias.
USD/CAD buyers again seem unable to break the 1.330 resistance area as a series of small-bodied/doji candles indicate a period of exhaustion in the uptrend. The most lijkely course of action for the pair is back towards the 1.325 support level. Momentum indicators continue to test overbought conditions.
Silver continues to languish between the 17.42 and 18.09 price levels as oscillations begin to tighten. Currently, without any new and major fundamentals news, price action is likely to remain within this tight trading range. Momentum indicators have downward trajectories.
Gold has once again rebounded from the 1552.64 price level, which has taken price action back towards the 1574.28 resistance level. The metal may resume the previous uptrend with the 1552.64 acting as a price floor. If price action returns to the ascending trendline, Gold price could go to multi-year highs. Momentum indicators are languishing in bullish territory.
WTI is undergoing a bullish reversal, which has resulted in the commodity testing the 51.14 resistance line. A break of this price line would provide weight to the uptrend, with the next target being the 52.17 price level. Fundamental factors appear to be playing less of a role in price action as fears have begun to subside. Momentum indicators are recovering from oversold conditions.