The USD/JPY pair has broken the descending trendline and has rebounded from the 108.78 resistance line, to test the 108.07 support line once again. The dollar appears unable to find sustained support as favour lies with the Yen. Momentum indicators remain in bearish territory but do, however, have upward trajectories.
The EUR/USD buyers' appetite has returned, taking price action to break the 1.125 resistance line. The next resistance line is at the 1.130 price area. Momentum indicators are mixed with MACD forming a downward trajectory (although is lagging) with RSI turning more bullish.
The GBP/USD has finally made a recovery and is once again targeting a recent price low at the 1.260. How long the positive sentiment can last for the Pound is dependent on fundamental factors. Both MACD and RSI appear to be beginning momentum reversals specifically as RSI has reverted from oversold conditions.
The USD/CHF pair's rally has proven short-lived as dollar weakness remains. The 0.990 resistance line has proven to be a sticking point as bearish sentiment takes over. Momentum indicators have retracted from their bullish trajectories.
The USD/CAD pair has entered into a horizontal trading pattern where neither buyers nor sellers are dominating the pair's direction after an extended bearish period. Momentum indicators remain bearish although have flattened in oversold territory.
Silver appears to moving horizontally as price action builds around the 15.23 price level. A slight bearish trend is noticeable and may gather strength going forward, however, if dollar weakness continues bullish momentum may gather. Momentum indicators remain in bullish territory with downward trajectories.
Selling pressure keeps Gold languishing around the 1416 price level. After an extended rally the metal has stalled, oscillating within a tight trading range. Again, fundamental factors are likely to be more influential than any technical signals. Momentum indicators have pulled back from bullish conditions.
WTI has once again broken the $60 per barrel range, however, the question remains; can oil price stabilise here? The commodity is yet to do so. Momentum indicators support bullish sentiment with further upside potential, despite RSI approaching overbought conditions.
Follow Us on Facebook: