WTI Tests Key Support Level

• 21 Apr 2020

USD/JPY

The 107.93 price level continues to be a hurdle for the USD/JPY pair, as price action has failed to clear the resistance area. A trading range between the 107.93 and 110.19 price levels would represent the return to a more stable price range. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

EUR/USD

The Eurodollar has failed to move beyond the 1.089 price level, as buyers appear to lack the conviction to drive a trend change. Oscillations are narrowing which suggests that a breakout could be on the cards. Both MACD and RSI have flattened in bearish/neutral territory.  

 

 

 

 

GBP/USD

The GBP/USD pair has been unable to push beyond the 1.251 price line, with buyers and sellers tussling for control. Price action may remain in this price range going forward unless there are new developments in the virus situation.  Momentum indicators have flattened in neutral territory.

 

 

 

USD/CHF

USD/CHF price action appears to be narrowing between the 0.964 and 0.973 price levels, perhaps indicating some stabilisation. A moderate U.S. dollar recovery did not result in the pair returning to a previous trading range therefore, horizontal price action may continue. Momentum indicators are neutral. 

 

 

 

USD/CAD

The USD/CAD has broken above the descending trendline and is now heading towards the 1.423 resistance line, as oil futures sank in yesterday’s trading. Momentum indicators have stalled in neutral/bullish territory. 

 

 

 

SILVER

Silver stalled before testing the 16.14 resistance area and as such, price action has now turned back towards the 14.30 support line. Momentum indicators have flattened in neutral to bullish territory; with MACD testing the zero line.  

 

 

 

GOLD

The gold rally has reverted as price action has now returned to the 1600 range. The 1693.16 resistance line has proven a hurdle in the past with the current test yet to result in a break. Momentum indicators suggest the metal is overbought with RSI pulling away from the 70 resistance level. 

 

 

 

 

OIL

WTI continues to test the 22.76 support level which has proven to be an obstacle for sellers despite the bottom dropping out of the May futures contract. Momentum indicators have stalled in bearish territory with RSI languishing in oversold territory.