USD/JPY buyers have returned with conviction taking the pair beyond the descending trendline and back towards the 104.29 resistance level. This price area has proven to be a hurdle for buyers in the past and a break would signal significant bullish sentiment. Momentum indicators have sharp upward trajectories.
The GBP/USD pair has broken back below the 1.358 resistance level although conviction from buyers seems limited currently, which may be the first indication that a total price reversal is not imminent. The pair may now languish in the previous trading range between the 1.338 and 1.358 price levels. Momentum indicators have begun downward trajectories.
The Eurodollar has rebounded from the 1.229 resistance level, as sellers have begun to build dominance in near-term price action. The next target is the 1.214 support level, however, the pair may consolidate within the current range. Momentum indicators have downward trajectories.
The USDCHF pair is once again testing the 0.887 resistance area, with previous attempts resulting in a pullback. If a break can materialise, we may see the pair return to previous levels before the height of the covid-19 outbreak. Momentum indicators are beginning bullish reversals.
The USDCAD has benefitted by improving conditions in oil markets as one of the world’s petrocurrencies. Bullish momentum has taken the pair beyond the 1.269 price line and the next target is the range ceiling at the 1.290 price level. Momentum indicators are beginning upward trajectories.
The Gold rally was once again short-lived as the metal has broken below the descending trendline and 1860.18 support level- which previously was an obstacle for sellers. Buyers have managed to hold price action above the 1810.10 support level in the near-term. Momentum indicators are undergoing reversals with RSI pulling away from overbought conditions.
Sellers have returned in early trading for USOUSD, which has seen the last four consecutive trading sessions dominated by bullish sentiment. The commodity remains in the $50 per barrel range as output cuts continue to elevate prices. Can this range be sustained? Momentum indicators suggest that the commodity is overbought and reversals are underway.