USD/JPY price action has begun to slow with smaller-bodied candlesticks indicating uncertainty from market participants. A breakout seems the most likely outcome from the slowdown. The next target is the 107.16 price level which has been a key support level in the past. Momentum indicators remain in bearish territory.
The Euro continues to test the 1.107 price line as the pair begins to stall at this support level. A series of doji candles again represent indecision, with both sellers and buyers lacking the conviction to influence price action in a meaningful direction. Momentum indicators remain bearish.
The GBP/USD pair has broken the 1.218 resistance line with a strong bullish move. A reversal of sorts is underway yet the recovery may be the result of a lack of U.S. Dollar buyers than renewed appetite from Pound buyers. Momentum indicators have turned bullish.
The USD/CHF pair has cleared the 0.981 resistance line with the next target at the 0.987 resistance line. A break may confirm the end of a long-term downtrend, as the pair moves into a new trading range. Momentum indicators are turning more bullish with RSI moving into the bullish channel.
The USD/CAD pair continues to test the 1.330 resistance level and each time there is a break, selling pressure rises. The resistance line remains a sticking point for price action perhaps signifying the end of an extended rally. Momentum indicators are bullish, however, RSI is yet to reach overbought conditions.
Silver has once again rebounded from the 16.78 support line with bullish price action, which has then been followed with a series of doji candles. Fundamental factors will likely be required for a breakout in either direction. Momentum indicators are also pulling back from overbought positions.
Gold has pulled away from the ascending trendline, however, the pullback has resulted in a series of doji candles with bearish sentiment. A support level exists at the 1448.10 price line. Momentum indicators are also pulling back from strongly bullish positions and RSI has broken the 70 resistance line.
WTI's break of the 54.92 support level was short-lived; as selling pressure begins to rise, taking price action back to the support level and the descending trendline. This support level has proven to be a strong support area for the commodity. Momentum indicators are neutral if slightly bearish.
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