WTI Extends Losses As Sellers Dominate

  • 24 May 2019

Kickstart your new year with the best USD50 bonus campaign. Limited-time offer! Get it now!

USD/JPY

 

The USD/JPY pair breaks another support line to test the 109.78 price level as the Dollar stalls mid-recovery. On previous occasions, a break of this support line has resulted in the return of buyers. The next target for sellers is the 108.78. Momentum indicators are mixed; with MACD approaching the zero line to the upside and RSI stalling in bearish territory. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has found support which has sent price action towards the descending trendline and the 1.119 resistance level. The pair may return to the previous trading range between the 1.119 and 1.125 price levels. Momentum indicators remain in bearish territory however, MACD is turning less negative yet RSI flattening just above the 30 support level. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken yet another support level at the 1.271 price line as fundamental factors take hold in the pair. Since touching the 1.260 support level, buyers have returned in what could be a reversal in price action. Momentum indicators are maintaining the bearish bias; with MACD extending into bearish territory and RSI flattening at the 30 support level. 

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back to break the ascending trendline, which is significant, as each time the pair has tested this support level price action has bounced back in a bullish direction. The next price target is the 1.001 support level. Momentum indicators are bearish with MACD breaking the zero line and RSI approaching the 30 support level. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.345 resistance level, however, previous breaks have resulted in a pullback in price action, to maintain the 1.330- 1.345 trading range. A clear break is going to require strong conviction from buyers with a previous price high at the 1.363 price level. Momentum indicators remain moderately bullish. 

 

 

 

SILVER

 

Silver sellers continue to dominate price action in the long-term as the metal has oscillated in a bearish direction since February. The ascending trendline represents a key resistance level for the metal, which price action has failed to break on a number of occasions. Momentum indicators appear to be on the verge of a reversal. 

 

 

 

 

GOLD

 

Gold has found support after hitting the 1270.53 price level resulting in this key support level remaining intact. A break of the 1279.66 price level ensued and price action is now heading towards the descending trendline. Momentum indicators have turned bearish; with MACD breaking the zero line to the downside and RSI remaining in negative territory. 

 

 

 

 

OIL

 

WTI sellers continue to dominate, breaking the $60 per barrel range and sending price action to the 57.44 support level, representing the worst day of performance for the commodity since late 2018. WTI has found some respite since hitting the $57 per barrel range where buyers returned. Momentum indicators are mixed; with RSI indicating a potential reversal with MACD extending further into bearish territory. 

 


Follow Us on Facebook:

Sign up to get started

LIQUIDITY
PROVIDERS
Open Demo Account
Open Live Account
Promotions