Silver Buyers In The Driving Seat

• 20 May 2020

USD/JPY

The USD/JPY pair has rebounded from the 106.62 price level and has broken the descending trendline. The next target is the 107.93 resistance level. A longer-term downtrend is underway therefore rallies may not last. Momentum indicators have moderate upward trajectories. 

 

 

 

 

EUR/USD

The Eurodollar has rebounded from the 1.078 support line and is heading back towards the 1.098 resistance area. Price action will likely remain in range between these two price levels. Momentum indicators remain in neutral territory.

 

 

 

 

GBP/USD

The GBP/USD pair has rebounded from 1.208 price level after an extended bearish bias. Going forward, the pair will likely continue to oscillate between the 1.208 and 1.261 price levels. Momentum indicators are undergoing reversals.

 

 

 

USD/CHF

The USD/CHF pair has failed several times at the 0.976 price level. Oscillations are beginning to narrow in a tighter trading range between the 0.961 and 0.976 price levels. Momentum indicators are languishing in neutral territory. 

 

 

 

USD/CAD

The USD/CAD pair has failed once again failed to clear the 1.386 price line with any real conviction as the support area seems to be a magnet for the pair. Momentum indicators support the bearish bias with downwards trajectories. 

 

 

 

SILVER

A Silver rally has taken the metal back towards the 17.42 resistance area which represents a previous trading range. So far, a break has failed to materialise. Momentum indicators have bullish trajectories yet RSI indicates that the metal is overbought.

 

 

 

 

GOLD

Gold has broken the upper trading range at the 1728 resistance level, yet the breaking has been met with a rise in selling pressure. Buyers’ appetite remains strong with another push higher. Momentum indicators have moderate upward trajectories, though RSI is approaching overbought conditions. 

 

 

 

 

OIL

WTI buyers have been able to build momentum to drive price action towards the 34.90 resistance level. A break of this resistance level would be significant as it represents the gap fill line. Yet the conviction is not there currently. Momentum indicators have sharp upward trajectories, yet RSI has fallen short of overbought conditions.