Dollar Weakens Against Major Peers

• 13 Mar 2019

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USD/JPY

 

The USD/JPY pair is consolidating in a moderate uptrend. Price action was unable to break the 111.75 resistance level and as such price action has retraced towards the ascending trendline. Momentum indicators have pulled back from bullish positions and RSI is pulling away from overbought conditions. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.125 price level which represents a long-term support area. The pair has returned to a recent trading range between the 1.129 and 1.145 price levels, despite a longer-term downtrend which has been developing since the start of the year. Momentum indicators appear to be undergoing a moderate bullish momentum reversal which could take price action towards the descending trendline.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has spiked through a key resistance area at the 1.326 price level. The pair has embarked on a clear uptrend despite fundamental factors creating uncertainty. Momentum indicators have reversed previous bearish positions with both RSI and MACD turning more bullish.

 

 

 

USD/CHF

 

The USD/CHF pair is testing the 1.010 price level, however despite strong buying momentum, the pair has been unable to break the recent price high. Momentum indicators are bullish, however RSI has bounced around overbought conditions which may signal a potential price reversal. 

 

 

 

 

USD/CAD

 

The USD/CAD pair is testing an upper resistance area as part of a symmetrical triangle formation. Price action will likely oscillate within these support and resistance lines until a breakout. Momentum indicators have decelerated; with MACD stalling in bullish territory. RSI has turned bearish.

 

 

 

SILVER

 

Silver sellers have broken the 15.23 price level and are now testing the 15.42 price level. The move has formed as part of a longer-term uptrend. Momentum indicators are undergoing a bullish momentum reversal. 

 

 

 

 

GOLD

 

Gold has once again bounced back from the 1279.66 support level and is now testing the 1306.12 price level as well as the descending trendline. Clearly a break would prove significant indicating the resumption of the previous trend. Momentum indicators support bullish sentiment with a potential break of the zero line on MACD. 

 

 

 

 

OIL

 

WTI buyers have struggled to push price action passed the $57 per barrel price range. The commodity is therefore likely to consolidate at this price range in the near-term. Momentum indicators confirm that sentiment is bullish. 

 

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