Technical Analysis

U.S. Dollar Dominates Price Action Mid-Week

• 12 Jul 2018

 

 

 

 

USD/JPY

Sentiment for the USD/JPY has turned significantly bullish, with a strong break of the ascending trendline. At the same time MACD has extended its bullish trajectory. RSI has hit the overbought zone therefore it remains to be seen whether buyers have the appetite to drive prices higher.

Impact event: CPI data from the U.S. will be released at 15:30 GMT+3 and will impact all U.S. Dollar pairs.

 

 

 

EUR/USD

The EUR/USD pair has broken out of the apex of a symmetrical triangle and has broken the 1.173 price level to the downside. MACD however, is approaching the zero line and despite a retracement, RSI still has an upward trajectory.

Impact event: ECB Monetary policy meeting is scheduled for at 14:30 GMT+3 and will impact all Euro pairs.

 

 

 

GBP/USD

The rally which took the GBP/USD pair towards the 1.330 price line was short-lived; as price action rejected and fell back from this resistance area. Momentum indicators are in neutral/bearish territory. Price action seems likely to remains between the 1.306 and 1.330 price levels.

 

 

 

 

 

USD/CHF

The USD/CHF pair is likely to remain in a fairly tight trading range between the 0.981 price line and the 1.003 price line. The pair has broken the 0.993 price level to the upside, however there appears to be little bullish momentum behind the move.

 

 

 

 

USD/CAD

The USD/CAD pair has rejected the 1.309 price level and has turned more bullish; with a momentum reversal on MACD and RSI supporting the move with a bullish trajectory.

 

 

 

 

SILVER

A tussle between buyers and sellers is apparent in Silver's price action where sellers are appeared to be dominating the pair in yesterday's trading only for a retracement to begin in today's trading. MACD has flattened in bearish territory and volume is rising.

 

 

 

 

GOLD

Gold has established a long-term downtrend denoted by the descending trendline. The metal has broken the lower trendline to the upside in an apparent shift in bullish sentiment, and is now acting as a support level. The 1241.48 price line is now being tested and a break would prove significant.

 

 

 

 

OIL

Oil suffered from a significant sell-off in yesterday's trading which sent price action towards the 68.84 price level. MACD supports bullish momentum and RSI continues to pull away from overbought conditions.