Sterling Buyers Lose Steam Mid-Rally

  • 2 Apr 2020


The USD/JPY pair has broken the 107.93 support level as price action begins to head towards the 106.62 price level. A break of a recent trading range represents a bearish bias for the pair which may last longer-term. Momentum indicators are bearish with a break of the zero line on MACD and RSI flattening in neutral/bearish territory. 






The Eurodollar has been held up at the 1.089 support level and despite several tests, a break is yet to materialize.  Buying pressure remains in price action which may result in the pair maintaining current range. Momentum indicators remain in neutral/bearish territory.  





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.





The USD/CHF pair has struggled to push beyond the 0.964 resistance level as selling pressure rises each time a bullish break is attempted. The move represents part of a pullback from a recent rally, yet a trend change may be underway if buyers lack the appetite to drive price action. Momentum indicators have upward trajectories. 





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 moved away from overbought conditions. 





The Silver revival appears to have stalled at the 14.30 resistance line where a series of small-bodied candles have gathered. There appears to be a marginal bearish bias as price action has moved below the 14.30 price area, yet a lack of conviction from sellers has meant a stall in bearish moves. Momentum indicators have flattened in bearish territory. 





Gold sellers have awakened, taking price action back below the 1600 range. Buyers have since returned at the 1574 price area. The metal may languish at the 1600 threshold as fundamental factors creating volatility have subsided.  Momentum indicators are languishing in neutral/bearish territory.  






WTI prices remain at all-time lows testing the $20 per barrel range. The 22.76 support level continues to be tested yet a break has not been sustained. Price action will likely flat-line until another round of major news hits the markets. Momentum indicators have flattened in bearish territory with RSI hugging the 30 support level.


Sign up to get started

Demo Account
Anzo Account