New Lows For WTI

• 22 Apr 2020

USD/JPY

The USD/JPY pair continues to test the 107.93 resistance area and has failed to clear on several occasions. 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 a series of doji candles highlight that neither buyers nor sellers are dominating. 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 come under pressure in recent trading with sellers driving price action back towards the 1.216 support level. The pair may remain in range between the 1.216 and 1.251 price levels in the near-term. Momentum indicators are neutral if slightly bearish.

 

 

 

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 pair is now testing the 1.423 price level having spiked through the resistance area only to be pushed back in yesterday’s trading. The next few trading session will determine buyers’ conviction. Momentum indicators have stalled in bullish territory. 

 

 

 

SILVER

Silver has reverted back to the 14.50 support level and despite a spike down, price action remains above this support level. Activity in the metal remains subdued as other commodities steal the limelight. Momentum indicators are mixed; with MACD testing the zero line to the upside and RSI beginning a downward trajectory.

 

 

 

 

GOLD

The gold rally has reverted as price action has now returned to the 1600 range. The 1693.16 resistance line has proven to be a hurdle for buyers. Momentum indicators suggest the metal is overbought with RSI pulling away from the 70 resistance level. 

 

 

 

 

OIL

WTI spiked through and then closed above the 14.03 support level. New lows appear to be forming for the commodity that has been plagued with oversupply issues for years. OPEC cuts have not helped due to a lack of consumption and therefore global demand. Momentum indicators have stalled in bearish territory with RSI languishing in oversold territory.