WTI Recovery Underway?

• 2 Mar 2020

USD/JPY

The USD/JPY sell-off has broken the ascending trendline and a series of support levels which has inspired the return of buyers. A stall occurred when price action broke the 107.93 support level and momentum turned price action bullish. Momentum indicators have sharp bearish trajectories.  

 

 

 

 

EUR/USD

The Eurodollar has found significant support with price action surging through a series of resistance levels in yesterday’s trading. The pair is now testing the 1.107 resistance line as price action returns to a previous trading range. Momentum indicators support bullish sentiment with sharp upward trajectories, although RSI is reaching overbought conditions. 

 

 

 

GBP/USD

The GBP/USD pair has begun to pull away from the descending trendline as price action tests the 1.274 support level. The test has inspired bullish sentiment as the support level remains a significant obstacle for sellers. Momentum indicators have flattened in neutral/bearish territory.

 

 

 

USD/CHF

The USD/CHF pair has come under pressure from sellers which has taken price action towards the 0.961 support level. Despite the test, there has been a significant spike in buying pressure in recent trading and the pair is now testing the 0.964 price area. Momentum indicators have downward trajectories with RSI approaching oversold conditions. 

 

 

 

USD/CAD

USD/CAD is coming under pressure from sellers as price action has moved to test the 1.333 support level which represents a previous resistance area. If sellers are able to push price action back to this trading range, bearish price momentum may continue. A momentum reversal is underway on RSI with MACD stalling in bullish territory.  

 

 

 

SILVER

The Silver sell-off has come to an end with the return of buyers in the early Asian trading session. The 16.55 support area proved to be a pivot point for the metal and as such buyers have take price action to now test the 16.85 resistance line. Momentum indicators have sharp downward trajectories, with RSI pulling back from oversold territory. 

 

 

 

GOLD

Gold sellers have once again stalled at the ascending trendline as well as the 1592 support level. On previous occasions, price action has rebounded from this support area. The 1592.97 price level still represents a key obstacle for buyers. Momentum indicators are beginning to pull back from overbought conditions. 

 

 

 

OIL

WTI appears to have found a bottom at the 43.70 support level as buyers have returned in early trading. Sellers strength has dominated previous bullish rebounds, therefore, the question is whether buyers have the appetite to sustain the move. Momentum indicators suggest the sell-off may be coming to an end with RSI breaking the 30 oversold level.