U.S. Dollar Struggles To Gain Traction

• 18 Jun 2020

USD/JPY

The USD/JPY pair seems set to oscillate between the 105.93 and 107.93 price levels in the near-term. There are currently no signs of dominance from either buyers or sellers. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

The Eurodollar remains volatile as both buyers and sellers attempt to influence price action. The 1.124 support line remains a sticking point for the pair, therefore the 1.124-1.140 trading range will remain intact. Momentum indicators are undergoing reversals with RSI moving below the 70 overbought line.

 

 

 

 

GBP/USD

The GBP/USD pair broke the 1.261 resistance level yet the break was not sustained. Price action is now glued to this resistance level. Currently, buyers appear to lack the conviction to drive price action to a new trading range. Momentum indicators have downward trajectories. 

 

 

 

USD/CHF

The USD/CHF test of the 0.942 support level has resulted in a rebound taking price action back towards the 0.951 resistance level. Price action has stalled at this level with a previous trading range beginning at the 0.959 resistance area. Momentum indicators have flattened in bearish territory. 

 

 

 

USD/CAD

The USD/CAD has found support after an extended sell-off as the US Dollar makes a revival. A series of small-bodied candles represent exhaustion after a strong bullish move resulted in a break of several resistance levels. A new range may be established between the 1.354-1.386 price levels. Momentum indicators have stalled in bearish territory. 

 

 

 

SILVER

Silver has returned to the 17.58 price line and attempted bullish breaks have not been sustained. The pair will continue to hug this price line until some fundamental news changes the metal’s course. Momentum indicators have a bearish bias with RSI pulling away from overbought conditions. 

 

 

 

 

GOLD

Gold buyers have returned to take the metal back towards the 1745.74 resistance line and yet again, the price area represents a sticking point. A breakout may be imminent, however, as price action approaches the apex of a longer-term ascending triangle pattern. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

OIL

WTI may make another attempt at the 41.40 resistance line although moves are lacking conviction with very few new developments. The $35-40 per barrel range may be a stabilizing price and price action has stalled at the midway point in this range. Momentum indicators have flattened in bullish territory.