WTI Breaks $60 Per Barrel Range

• 2 Apr 2019

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USD/JPY

 

The USD/JPY pair is testing the ascending trendline which represents a key resistance area for the pair and a break would send price action towards the 111.75 price level. Momentum indicators are mixed; with MACD testing the zero line and RSI beginning a momentum reversal.

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.125 price level and is now testing a recent low at the 1.119 price level. On previous occasions this has resulted in a bullish rebound. Momentum indicators remain bearish with MACD extending its position below the zero line and RSI flattening along the 30 support level. 

 

 

 

 
 GBP/USD

 

The ascending trendline has been maintained with price action once again rebounding from this key support area. Although there are indications of a bearish bias for the GBP/USD pair in the short-term, the uptrend remains intact. Momentum indicators have turned bearish, with an imminent break of the zero line on MACD.

 

 

 

USD/CHF

 

A dollar recovery has resulted in the pair breaking the 0.997 price level with the next target at 1.001 price level. Momentum indicators support the bullish sentiment with an upward trajectory on RSI and a momentum reversal underway on MACD. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the upper trendline of a symmetrical triangle which has immediately resulted in a pullback in the pair and a break of several support areas. Currently the pair is testing the 1.330 price level and a break seems likely given the trajectory of momentum indicators. 

 

 

 

SILVER

 

Silver has broken both the 15.42 and 15.23 price levels as well as the ascending trendline indicating significant bearish sentiment in the pair. This also represents a break out of the trading range between the 15.23 and the 15.71 price levels. Momentum indicators are moderately bearish with MACD extending its negative trajectory position and RSI flattening. 

 

 

 

 

GOLD

 

Gold sellers have returned since the metal hit the 1322.43 price level, breaking key support areas including the 1294.92 price level. The next target for sellers is the 1279.66 price level. Momentum indicators are bearish with MACD breaking the zero line to the downside and RSI continuing a downward trajectory. 

 

 

 

 

OIL

 

WTI buyers are beginning to dominate price action with the ascending trendline acting as a strong support for the commodity. WTI has broken the psychological $60 per barrel range, however, given persistent oversupply; it remains to be seen if the commodity can stabilize at this price. RSI also continues to test the 70 overbought area whilst MACD is flat in bullish territory.  

 

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