The USD/JPY pair is consolidating in a moderate uptrend. Price action was unable to break the 111.75 resistance level and as such price action has retraced towards the ascending trendline. Momentum indicators have stalled in bullish territory.
The EUR/USD pair has broken the 1.125 price level which represents a long-term support area and is approaching the descending trendline. On each previous occasion that price action has touched this resistance line, the result has been a bearish pullback for the pair. Momentum indicators appear to be undergoing a moderate bullish momentum reversal.
The GBP/USD pair has returned to test the 1.326 price level as fundamentals continue to spike volatility in the pair. The pair has embarked on a clear uptrend despite the uncertainty. Momentum indicators have stalled in bullish positions with RSI falling just short of overbought conditions.
The USD/CHF pair has returned towards the 1.001 price level, which may mark the beginning of a reversal. However, it is possible that the pair remains within this tight trading range. Momentum indicators are pulling back from bullish positions in support of bearish sentiment.
The USD/CAD pair has failed to break the upper descending trendline. Price action will likely oscillate within these support and resistance lines until a breakout, the likely direction of the breakout is bullish. Momentum indicators have decelerated and are undergoing reversals.
Silver sellers have broken the 15.23 price level and are now testing the 15.42 price level. The move has formed as part of a longer-term uptrend. A break would see the pair enter into a previous trading range between the 15.42 and 16.06 price levels. Momentum indicators are undergoing a bullish momentum reversal.
Gold has once again bounced back from the 1279.66 support level and is now testing the 1306.12 price level as well as the descending trendline. Clearly a break would prove significant indicating the resumption of the previous trend. Momentum indicators support bullish sentiment with a potential break of the zero line on MACD.
WTI buyers appear to be winning the struggle having pushed price action beyond the $57 per barrel price range. There are signs that the commodity could be overbought so the break may not prove that meaningful. Momentum indicators are bullish, however RSI is approaching overbought conditions.
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