The USD/JPY pair has begun to rally and is now testing the 111.81 resistance line. A break would seal the recovery from the sell-off at the start of the year. Momentum indicators have pulled back from bullish positions and RSI is pulling away from overbought conditions.
The EUR/USD pair has broken the 1.122 price level which represents a long-term support area. It also represents a break of a recent trading range between the 1.129 and 1.145 price levels which could signify the beginning of a downtrend for the Euro. Momentum indicators both support the bearish sentiment, with RSI reaching oversold conditions.
The GBP/USD pair is testing a new support level at the 1.306 price level. A break would likely send price action towards the ascending trendline. Momentum indicators are bearish with both RSI and MACD undergoing momentum reversals.
The USD/CHF pair is now testing the 1.010 price level which represents a recent price high. At the same time, RSI has hit overbought conditions, however, buying volume has risen which suggests further upside for the pair.
The USD/CAD pair has continued its upward trajectory with a breakout rally pushing passed several resistance levels and climbing back towards previous price highs. RSI is approaching the 70 resistance level and MACD has broken the zero line to the upside.
Silver sellers have pushed price action to test the 14.91 price level after breaking the 15.69 support level. Momentum indicators have turned bearish with MACD breaking the zero line and RSI bouncing along the 30 support level.
Gold is once again approaching the 50 retracement area where a series of doji candles have developed. On previous occasions, when price action has reached this level it has facilitated a bullish rebound to resume the previous longer-term uptrend.
WTI buyers have lost steam resulting in a moderate break of the 55.74 resistance line. As a result, it has now formed as a support level for the commodity. The next target will be $60 per barrel at which point prices may stabilise. Momentum indicators are moderately bullish, although RSI is pulling away from overbought conditions.
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