EUR/USD Tests Key Support Level

• 11 Jul 2018

 

 

 

 

USD/JPY

Sentiment for 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 now retraced to test the 1.173 price level. Although buying pressure is still apparent in yesterday’s trading and the trajectory of MACD, RSI remains in neutral/bearish territory.

Impact event: Mario Draghi will speak at 10:00 GMT+3 and comments will likely impact all Euro pairs.

 

 

 

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 is bullish and volume has become elevated in recent trading.

 

 

 

 

 

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 tussle between buyers and sellers is apparent in Silver’s price action where sellers are appear to be dominating the pair 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. At the same time, RSI has broken the 30 support level and MACD turns more positive. The next price target for bulls remains at the 1267.38 price level.

 

 

 

 

OIL

Oil appears to still be unable to clear the 72.62 price level completely. There are some signs that sentiment is turning bearish with MACD stalling in bullish territory, undergoing a momentum reversal. RSI has pulled away from overbought conditions and has a downward trajectory.