Is A Bullish Rebound Imminent For The Eurodollar?

• 20 Jan 2020

USD/JPY

The USD/JPY pair continues to test the 110.19 resistance line despite a doji candle forming, which is perhaps the first signal of a potential reversal for the pair. Buyers have returned in early morning trading during the Asian session, however, price action is yet to break the resistance level. Momentum indicators are bullish with RSI approaching overbought territory. 

 

     

 

 

EUR/USD

The Eurodollar has once again pulled back to the ascending trendline in a strong bearish move in the last trading session. A bullish rebound seems likely given that buyers have tended to return at this support level on previous occasions. Momentum indicators are bearish with MACD testing the zero line. 

 

 

GBP/USD

The GBP/USD pair has been trending in recent trading with neither buyers nor sellers driving price action. The pair seems likely to remain in a tight trading range between the 1.295 and 1.309 price levels, with the 1.295 support area holding strong on previous occasions. Momentum indicators have downward trajectories with MACD approaching the zero line.

 

 

 

USD/CHF

The USD/CHF pair is attempting another recovery after a long legged doji candle signaled a bullish reversal for the pair. A subsequent break of the 0.965 resistance line has taken price action to test the 0.968 resistance area. Bullish momentum reversals appear to be underway.  

 

 

 

USD/CAD

The USD/CAD pair has begun to climb after stalling at the 1.304 resistance level. Despite the consolidation and a series of small-bodied candles, buyers have begun to have a more significant influence over price action. A key target exists at the 1.311 resistance line. Momentum indicators have upward trajectories. 

 

 

 

SILVER

Silver has returned to a previous trading range between the 16.55 and 18.09 price levels. However, price action continues to test the 18.09 resistance area without a break. A narrowing of oscillations may represent a build up before a breakout. The direction of a potential breakout is unclear as momentum indicators have flattened in bullish territory. 

 

 

 

GOLD

Gold continues to test the 1552 resistance area which has represented a recent price high. A break in recent trading was a result of geopolitical tensions which have since subsided, therefore this price ceiling will likely remain intact in the absence of major market events. Momentum indicators are pulling back from strongly overbought conditions. 

 

 

 

OIL

WTI has begun a bullish rebound after hitting the ascending trendline, which has resulted in a break of the 59.18 resistance area. A moderate long-term uptrend is underway despite pullbacks in price action. A stabilizing price for the oil market is at $60 per barrel. Momentum indicators are mixed; with MACD breaking the zero line to the downside and RSI forming an upward trajectory.