The USD/JPY pair is consolidating in a moderate uptrend. Price action is once again testing the 111.75 resistance level and a break would confirm the uptrend and see the pair move into a previous trading range. Momentum indicators support bullish sentiment.
The EUR/USD pair has broken the 1.125 price level which represents a long-term support area and is approaching the descending trendline. On each previous occasion that price action has touched this resistance line, the result has been a bearish pullback for the pair. Momentum indicators appear to be undergoing a bullish momentum reversal.
The GBP/USD pair has returned to test the 1.326 price level as fundamentals continue to spike volatility in the pair. The pair has embarked on a clear uptrend despite the uncertainty. Momentum indicators have stalled in bullish positions with RSI falling just short of overbought conditions.
The USD/CHF pair has returned towards the 1.001 price level, which may mark the beginning of a reversal. However, it is possible that the pair remains within this tight trading range. Momentum indicators are pulling back from bullish positions in support of bearish sentiment.
The USD/CAD pair has failed to break the upper descending trendline of a symmetrical triangle. Price action will likely oscillate within these support and resistance lines until a breakout, the likely direction of the breakout is bullish. Momentum indicators have decelerated and are undergoing reversals.
Silver sellers returned in emphatic form yesterday breaking the 15.23 price level to the downside and sending price action towards the ascending trendline. On previous occasions, this trendline has proven to be a strong support area. Momentum indicators have a bullish bias.
Gold sellers have returned to push price action towards the 1294.92 price level as the descending trendline once again represents a strong resistance area. Whether sellers have the conviction to push price action towards the 1279.66 support level remains to be seen. Momentum indicators still appear to have a bullish bias.
WTI buyers appear to be winning the struggle having pushed price action beyond the $57 per barrel price range. There are signs that the commodity could be overbought so the break may not prove that meaningful. Momentum indicators are bullish, however RSI is touching overbought conditions.
Follow Us on Facebook: