Dollar Weakens In Mid-Week Trading

• 7 May 2019

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USD/JPY

 

The USD/JPY pair has fallen below the 111.75 price level after a strong sell-off at the end of last week and is now testing the 110.63 price level which is a stalling point for the pair. MACD is on the verge of breaking the zero line to the downside and RSI is approaching the 30 support area. 

 

 

 

 

EUR/USD

 

The EUR/USD pair continues to test the 1.119 support level having broken the descending trendline to the upside. MACD appears to be undergoing a moderate bullish reversal yet RSI is languishing in bearish territory.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has begun a sharp rally, breaking the 1.297 price level and subsequently the 1.314 price level, which has been a stalling point for the pair. Momentum indicators have turned sharply bullish with a reversal taking place on MACD, however, RSI has stalled just pulled back from the 70 resistance level.

 

 

 

USD/CHF

 

The USD/CHF pair appears to be on the verge of a reversal. A series of doji candles indicate a break in the current rally and sellers are beginning to drive prices lower. Momentum indicators signal a bearish reversal with RSI breaking the 70 overbought line to the downside and MACD undergoing a bearish reversal.

 

 

 

 

USD/CAD

 

The USD/CAD pair is returning to a previous trading range between the 1.335 and 1.345 price levels. The pair is yet to break the 1.345 resistance level which keeps price action within the trading range. Momentum indicators are neutral/bullish but do appear to have downward trajectories.

 

 

 

SILVER

 

Silver’s break of the 14.76 support line was short-lived as buyers have driven price action back up above the support level once more. The metal is likely to remain within the 14.76 and 15.23 trading range in the near-term. Momentum indicators appear to be undergoing bullish reversals.

 

 

 

 

GOLD

 

Gold has broken the 1279.66 price level which is a key support level for the pair, although the break lacks real conviction currently. Momentum indicators support the bullish sentiment with RSI bouncing back from the 30 support level and MACD approaching the zero line.

 

 

 

OIL

 

WTI has pulled back significantly to test the lower range $60 per barrel despite OPEC reducing output. Fundamental factors are playing a larger role in price action currently, most specifically geopolitical tensions. RSI is oscillating in a downward direction and MACD is approaching the zero line.   

 

 

 

 

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