Signs Of A Revival For WTI?

• 3 Apr 2020

USD/JPY

The USD/JPY pair has reverted back to the 107.93 price level as buyers returned before price action hit the 106.62 support level. The pair may now oscillate between the 107.93 and 110.19 price levels. Momentum indicators remain bearish with a break of the zero line on MACD and RSI flattening in neutral/bearish territory. 

 

 

 

 

EUR/USD

The Eurodollar has managed to break the 1.089 support level as sellers’s conviction rose dramatically in yesterday’s trading. Buying pressure still remains in price action which may see a rebound at the 1.078 support level. Momentum indicators remain in neutral/bearish territory.  

 

 

 

GBP/USD

The GBP/USD rally has fallen short of the 1.251 price line which is now acting as a strong resistance area for the pair. Doji candles represent indecision and may be building up to a potential break out with buyers remaining active. Momentum indicators are making a moderate recovery from oversold conditions.

 

 

 

USD/CHF

The USD/CHF pair has pushed towards the 0.973 resistance line as buyers’ appetite climbs to provide weight to the current rally. A recent ceiling exists at the 0.983 price level, where bearish rebounds have followed previous tests of the price area. Momentum indicators have stalled in neutral/bullish territory. 

 

 

 

USD/CAD

The USD/CAD sell-off was short-lived as buyers’ appetite remains, with price action testing the ascending trendline. Sellers are still active, yet have been unable to drive the break of the trendline. Momentum indicators have flattened after reversing overbought positions. 

 

 

 

SILVER

The Silver revival appears to have stalled at the 14.30 resistance line where a series of small-bodied candles have gathered. Despite a marginal bearish bias in recent price action, buyers returned to test the resistance line once again. Momentum indicators have upward trajectories. 

 

 

 

GOLD

Gold has climbed back to the 1609.97 resistance line and re-entered the 1600 range. On previous occasions, a break of this resistance area has resulted in a bearish rebound and selling pressure appears to be rising. Momentum indicators support the bullish bias with MACD breaking the zero line to the upside.  

 

 

 

 

OIL

WTI price appears to be making a recovery with buyers returning to the commodity. Already, selling pressure is rising, therefore strong conviction will be required from buyers to push the rally. A target exists at the 34.90 resistance area, representing the gap-fill line. Momentum indicators have upward trajectories.