The USD/JPY pair has begun to rally and is now testing the 111.81 resistance line. A break would seal the recovery from the sell-off at the start of the year. Momentum indicators support the bullish sentiment, however, RSI is approaching overbought conditions.
The EUR/USD pair has broken the 1.129 price level after a sharp rise in buying activity and the pair is now headed towards the descending trendline. A trading range between the 1.129 and 1.145 price levels has been established. Momentum indicators both support the bullish sentiment.
The GBP/USD pair is testing a recent price high at the 1.330 resistance level, however, selling pressure has begun. This resistance line has proven to be a real hurdle for buyers in the past, with failure resulting in price action dropping back. At the same time, RSI has pulled back from overbought conditions.
The USD/CHF pair has pulled back towards the 0.997 price level and has stalled at this support level. RSI is testing the default line and has flattened in neutral territory. MACD is commencing a bearish reversal.
The USD/CAD pair has entered into a symmetrical triangle with the upper resistance line containing price action currently. The pair is edging closer to the apex, with the probability of a breakout rising, given the previous uptrend, the breakout is expected to be bullish. RSI is approaching the 30 support level and MACD remains in bearish territory.
Silver sellers have pushed price action to break the 15.69 price level once again. A new trading range may have been established between the 15.69 and 16.12 price levels. Momentum indicators have turned bearish.
Gold is maintaining the bullish trend over the longer term. The metal has pulled back to the 23.6 retracement level as selling pressure has risen. The break of this support level appears to have caught the attention of buyers. The rally is likely to continue over the longer-term.
WTI buyers have lost steam resulting in a moderate break of the 55.74 resistance line. As a result, it has now formed as a support level for the commodity. The next target will be $60 per barrel at which point prices may stabilise. Momentum indicators are bullish once again, however, RSI is approaching the 70 overbought line.
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