Technical Analysis

USD/JPY Extends Bullish Move

• 10 Jul 2018

 

 

 

 

USD/JPY

Sentiment for the the USD/JPY has turned more bullish in recent trading. A breakout of the ascending trendline in today's trading may signal a reversal. MACD remains in positive territory, however, RSI is approaching overbought conditions.

 

 

 

EUR/USD

The EUR/USD pair has broken out of the apex of a symmetrical triangle and has begun a sharp bullish run. The next price target for buyers is the 1.179 price level, price action spiked towards this level in yesterday's trading and was immediately pushed back. Momentum indicators are bullish; with an imminent break of the zero line apparent on MACD.

 

 

 

GBP/USD

The GBP/USD pair has begun to rally so that price action is now testing the 1.330 price level to the upside. MACD is on the verge of a break of the zero line, RSI has a sharp upward trajectory and volume has begun to spike.

 

 

 

 

 

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 0.993 price level appears to be acting as a resistance level for the pair. Momentum indicators are neutral.

 

 

 

 

USD/CAD

The USD/CAD pair is testing the 1.309 price level, with a strong bearish move in recent trading. Price action has fallen short of a downside break of the 1.309 price level and momentum indicators have come to a halt. Bulls may have returned to the pair.

 

 

 

 

SILVER

A strong bullish move in today's trading has Silver testing the 16.12 price level which has proven to be a strong support area for the metal. MACD is undergoing a momentum reversal and volume has spiked in recent trading, indicating that buyers may be returning.

 

 

 

 

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. At the same time, RSI has broken the 30 support level and MACD turns more positive. The next price target for bulls is the 1267.38 price level.

 

 

 

 

OIL

Oil has extended its rally passed the 72.62 price level, yet has so far been unable to clear the resistance area completely.  Momentum indicators are bullish; however, RSI has pulled away from overbought conditions and flattened. Neither buyers nor sellers are currently dominating.