US Dollar Begins To Gain Ground Over Peers

  • 15 May 2019

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The USD/JPY pair is testing the 109.78 support level where price action is being held. The next price target for sellers is the 108.78 price level, however buyers have returned to retest the support level. MACD has extended its position into bearish territory whereas RSI has broken the 30 support level to the upside.







The EUR/USD pair has returned towards the 1.119 support level, as selling pressure has risen in recent trading. Once again however, it appears that buyers have returned before the pair is able to break the support level. MACD appears to be undergoing a bullish reversal and RSI has flattened in bearish territory.






The GBP/USD pair has once again broken the 1.297 price level and is now testing the 1.289 which has resulted in a bounce back in price action on previous occasions. Momentum indicators have extended into bearish territory with RSI approaching the 30 support level. 






The USD/CHF pair is starting to be dominated by sellers. The pair has broken the 1.010 price level as sentiment turns more bearish. However, since the break, buyers have returned to take price action towards the 1.010 price level once more. Momentum indicators have turned sharply bearish with MACD approaching the zero line and RSI approaching oversold conditions. 







The USD/CAD pair appears to have stalled at the 1.345 price level with buyers lacking the conviction to drive price action beyond this resistance line. The trading range between the 1.335 and 1.345 price levels will likely be maintained. Momentum indicators appear to be turning more negative despite remaining in bullish territory.






Silver's continues to test the 14.76 support level as long-term momentum remains bearish yet sellers were unable to maintain the break. The metal is likely to remain within the 14.76 and 15.23 trading range in the near-term. Momentum indicators remain bearish representing the fact that sellers are still active.







Gold has broken the 1279.66 price level which is a key support level for the pair and the next target is the 1294.92 resistance level. The rally may be representative of an oscillation in an otherwise bearish trend. Momentum indicators support the bullish sentiment with RSI maintaining an upward trajectory and MACD approaching the zero line.






WTI has pulled back significantly to test the lower range close to $60 per barrel and has flattened at just over $61 per barrel, where price may stabilise. Momentum indicators represent the bearish sentiment. RSI has flattened just above the 30 support level and MACD has broken the zero line.   





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