Dollar Weakness Continues

• 18 Mar 2019

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USD/JPY

 

The USD/JPY pair is consolidating in a moderate uptrend, having formed around an ascending triangle pattern. Price action continues to test the 111.75 resistance level and a breakout would see the continuation of a previous uptrend. Momentum indicators are moderately bullish. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.125 price level which represents a long-term support area and is approaching the descending trendline. On each previous occasion that price action has touched this resistance line, the result has been a bearish pullback for the pair. Momentum indicators appear to be undergoing a bullish momentum reversal.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.326 price level as fundamentals continue to spike volatility in the pair. The pound has embarked upon a clear uptrend despite the uncertainty. Momentum indicators have stalled in bullish positions with RSI falling just short of overbought conditions.

 

 

 

USD/CHF

 

The USD/CHF pair has returned towards the 1.001 price level, which may mark the beginning of a reversal. However, it is possible that the pair remains within this tight trading range. Momentum indicators are pulling back from bullish positions in support of bearish sentiment. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has failed to break the upper descending trendline of a symmetrical triangle. Price action will likely oscillate within these support and resistance lines until a breakout, the likely direction of the breakout is bullish. Momentum indicators have decelerated but remain moderately bullish.

 

 

 

SILVER

 

Silver sellers have returned resulting in the metal testing a previous support area at the 15.23 price level. The next target for buyers will be the 15.42 resistance line, however, momentum is subdued indicating that buyers may not have the conviction to push price action beyond the current trading range. 

 

 

 

 

GOLD

 

The tussle between Gold buyers and sellers continues as price action tests the descending trendline. The next target for buyers is the 1306.12 price level. Sentiment appears to be turning more bullish with momentum reversals underway on both MACD and RSI. 

 

 

 

 

OIL

 

WTI buyers appear to be winning the struggle having pushed price action beyond the $57 per barrel price range. There are signs that buyers’ appetite is weakening; as a series of doji candles indicate indecision, therefore, the break may not prove that meaningful. Momentum indicators are bullish, however RSI is touching overbought conditions. 

 

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