Key Support And Resistance Levels Tested

  • 11 Jul 2019

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The USD/JPY pair has broken the descending trendline and the 108.54 resistance line, as US Dollar buyers return. Price action is now headed towards the 109.28 resistance line. Momentum indicators support bullish sentiment, however, RSI reflects a slowdown in the rally flattening above the default line.  







The EUR/USD pair has begun to recover after hitting the 1.119 support level. The return of buyers may take price action back to the ascending trendline to resume the previous uptrend. Momentum indicators are mixed with MACD forming a downward trajectory (although is lagging) with RSI turning more bullish. 






The GBP/USD pair’s recent break of the 1.253 support level has seen the return of bullish price action, which could be the beginning of a price reversal. Both MACD and RSI appear to be beginning momentum reversals specifically as RSI has reverted from oversold conditions. 






The USD/CHF pair has made a mild recovery taking price action to break the 0.987 resistance line and the descending trendline. This appears to have inspired the return of sellers denoted by a bearish candle, indicating that the longer-term downtrend may remain intact. Momentum indicators have retracted from their bullish trajectories.







The USD/CAD pair has climbed to test the 1.313 resistance level as the US Dollar begins to recover. The next resistance line lies at the 1.320 price level and a break out from this price level would represent the return to a previous trading range/ full US Dollar recovery. Momentum indicators are undergoing bullish reversals. 






Silver’s rally continues to result in pullbacks to test the ascending trendline. A break of this trendline has resulted in the return of buyers indicating that near-term direction for the pair is bullish. Momentum indicators are moderately bullish.







Gold price action has been volatile in recent trading and a break of the ascending trendline has been met with indecision from both buyers and sellers. A series of doji candles suggest no clear near-term direction for the metal. Momentum indicators have pulled back from bullish conditions.







WTI is testing the descending trendline and if the current candle closes above this area, a new rally has formed. The descending trendline represents a strong resistance area which on previous occasions has resulted in bearish sentiment. Price action will likely head towards the $60 per barrel range. Momentum indicators are slightly bullish; with a break of the zero line on MACD. 



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