U.S. Dollar Recovers At Start Of Trading Week

• 9 Dec 2019

USD/JPY

 

The USD/JPY pair has moved to form a moderate break of the ascending trendline, with price action also breaking the 108.83 support level. A stall in price action has occurred at the 108.46 support level, despite selling activity. The sustained break does however indicate that the uptrend has come to an end. Momentum indicators have downward trajectories. 

 

    

 

 

 

EUR/USD

 

The Eurodollar has broken the 1.107 resistance area, as selling pressure rises significantly. The break has resulted in a halt in price action with the next target at the 1.102 support level. Given the fact that an uptrend is forming, price action may only pullback as far as the ascending trendline. Momentum indicators support bullish sentiment with MACD breaking the zero line to the upside. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair is reaching new price highs, at levels not seen since the start of the year. Optimism may soon be tempered as the UK election process unfolds. Momentum indicators suggest that the pair is overbought, as RSI pulls back from the 70 resistance level. However, MACD is maintaining an upward trajectory though is a lagging indicator.

 

 

 

USD/CHF

 

The USD/CHF sell-off appears to have decelerated with buyer returning to the pair. A bullish break of the 0.989 resistance level came despite selling pressure in recent trading. The near-term direction of price action will be determined by the conviction of buyers. Momentum indicators are mixed, with MACD breaking the zero line to the downside and RSI beginning an upward trajectory.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has made a strong recovery as U.S. Dollar buyers return to break several resistance levels. The next resistance level is the 1.328 price line where previously the pair has failed to break. Momentum indicators have stalled in neutral/bullish conditions.

 

 

 

SILVER

 

Silver had been bouncing along the 16.85 support level, yet sellers have begun to dominate price action to test the 16.55 price level. A break would take price action towards the 16.14 support level, a price area that the pair has not reached since the end of July. Momentum indicators remain in bearish territory.  

 

 

 

 

GOLD

 

Gold buyers have had the edge in recent price action, however, selling pressure has also risen to maintain the descending trendline as a resistance area for the metal. Further, a break of the 1468.50 support level confirms the bearish sentiment. Momentum indicators remain in bearish territory. 

 

 

 

 

OIL

 

WTI price action continues to be volatile, with strong moves by both buyers and sellers. Buyers have determined the direction of price action in recent trading. Yet, once again, the commodity fails to move beyond the 58.42 resistance line, which remains as a significant obstacle for buyers. Momentum indicators remain bullish.