The USD/JPY pair has broken the ascending trendline which represents a key resistance area for the pair and now price action is heading towards the 111.75 price level. Momentum indicators are turning more bullish; with MACD beginning a momentum reversal and RSI climbing further into bullish territory.
The EUR/USD pair has once again begun a bullish rebound from the 1.119 price level. The next target is the 1.125 support line as buyers return to the pair. Momentum indicators are also beginning a bullish reversal.
The ascending trendline has been maintained with price action once again rebounding from this key support area. A break of the 1.314 price level confirms the rally and the next target is the 1.319 resistance line. MACD has stalled at the zero line and RSI has continued an upward trajectory.
A dollar recovery has resulted in the pair testing the 0.997 price level with the next target at 1.001 price level. Momentum indicators support the bullish sentiment with an upward trajectory on RSI and a momentum reversal underway on MACD.
The USD/CAD pair has broken the upper trendline of a symmetrical triangle which has immediately resulted in a pullback in the pair and a break of several support areas. The current price floor for the pair is the 1.330 price level therefore a break in the near -term would prove significant, as bias appears to be towards a bullish breakout. Momentum indicators are currently neutral.
Silver has broken both the 15.42 and 15.23 price levels as well as the ascending trendline indicating significant bearish sentiment in the pair. This also represents a break out of the trading range between the 15.23 and the 15.71 price levels. Momentum indicators have flattened in bearish territory in a perceived 'breather.'
Gold sellers have returned since the metal hit the 1322.43 price level, breaking key support areas including the 1294.92 price level where price action has stalled. The next target for sellers is the 1279.66 price level. Momentum indicators are bearish.
WTI buyers are beginning to dominate price action with the ascending trendline acting as a strong support for the commodity. WTI has broken the psychological $60 per barrel range, with the market eyeing the $70 per barrel range. RSI has broken the 70 resistance area whilst MACD is flat in bullish territory.
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