USD/CAD Is Testing Key Support Level

• 24 Jun 2019

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USD/JPY

 

Dollar weakness has sent the USD/JPY pair further into bearish territory to break the 107.61 support level.  This support level represents a recent low and a price level that has not been touched since a sell-off in January. Momentum indicators are bearish, RSI has broken the 30 oversold level which on previous occasions has resulted in a momentum reversal. 

 

 

 

 

 

EUR/USD

 

The EUR/USD pair has once again returned to the 1.130 price level as buyers returned after price action rejected the 1.119 support level. The next target is the 1.141 price level as a rally develops strength. Momentum indicators are bullish, with MACD extending beyond the zero line and RSI approaching the 70 overbought line.

 

 

 

 
 GBP/USD

 

A price reversal is underway for the GBP/USD pair as price action heads towards the 1.271 resistance line, under buying pressure. A break of this resistance level represents the end of bearish sentiment that has dominated since May of this year. Momentum indicators reflect the bullish sentiment with upward trajectories.

 

 

 

USD/CHF

 

The USD/CHF pair is now testing the 0.974 support level, as the dollar continues to suffer. A previous touch of this level saw price action rejecting the support level and bouncing back in a bullish direction. Momentum indicators have extended into bearish territory with RSI hitting oversold conditions.

 

 

 

 

USD/CAD

 

The USD/CAD pair has plummeted to the 1.319 support level after a strong dollar sell-off last week. Price action has since stalled at this support level. A reversal is possible with some return of buyers. Further RSI has hit oversold conditions with MACD indicating residual bearish sentiment.  

 

 

 

SILVER

 

Silver has gained traction as buyers take price action to break the 15.42 price level. The break was short-lived however, as bullish momentum lacked conviction. Selling pressure has risen at this resistance line and hence fundamental factors are more likely to influence a further rally. RSI has already hit the overbought 70 resistance line. 

 

 

 

 

GOLD

 

Gold has found buyers with considerable conviction taking price action well beyond recent price highs and despite a slowdown in trading last week, the appetite from buyers remains strong. MACD has extended into bullish territory and RSI has pushed beyond the 70 overbought zone.  

 

 

 

 

OIL

 

WTI has found support in recent trading as geopolitical issues have highlighted potential supply issues. As such this has resulted in price action returning towards the $57 per barrel range. A break of this resistance level is significant as price action returns to a recent trading range. Momentum indicators are bullish. 

 

 

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