Dollaryen Testing Key Support Line

  • 8 May 2019

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The USD/JPY pair has fallen to the 110.20 support level where price action is being held. Sentiment appears significantly bearish and momentum indicators reflect the bearish bias. MACD has broken the zero line, however, RSI has reached the 30 oversold level which may be one indication of a stall in the downtrend.







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.






The GBP/USD pair has fallen below the 1.314 resistance level once again after a strong, well-supported rally. The pair will likely remain within the 1.297 and 1.314 price levels. Momentum indicators have turned bullish with a reversal taking place on MACD, however, RSI has flattened in bullish territory. 






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 heading towards the zero line.







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'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 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.






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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