The USD/JPY downtrend continues with a moderate break of the 105.29 support level. Typically, bullish rebounds take place at this price level and buyers have awakened in early trading. Momentum indicators remain in the neutral zone.
The Eurodollar continues to trace the ascending trendline yet price action has stalled at the 1.172 support level. Currently, the longer-term bullish trend remains intact, although doji candles indicate uncertainty. Momentum indicators remain in bearish territory.
The GBP/USD pair is struggling to move beyond the 1.298 resistance level, therefore, the 1.274- 1.298 trading range will likely remain intact in the near-term. Fundamental factors do not currently support a long-term Sterling rally. Momentum indicators have upward trajectories.
The USD/CHF pair has returned to a previous channel of consolidation between the 0.903 and 0.918 price levels. In the near-term, it seems likely that the pair will oscillate within this range as the most recent rally has lost steam. Long-term, however, favour appears to be with sellers. Momentum indicators have turned bearish.
USD/CAD buyers have returned mid range between the 1.295 and 1.322 price levels. The doji candles reflect a lack of conviction and therefore the current trading range will remain intact. Momentum indicators have begun upward trajectories.
The short-term downtrend in Gold seems set to continue with sellers beginning to dominate trading sessions, however, neither buyers nor sellers seem prepared to dominate price action. Momentum indicators have flattened in bearish territory.
WTI oscillations continue to narrow which generally occurs ahead of a breakout. Given the fact that momentum is moderately bullish, we may anticipate a breakout to the upside. Currently price action is testing the 41.69 price level which has been a recent hurdle. Momentum indicators are moving into bullish territory.