U.S. Dollar Weaker Towards End Of Trading Week
- December 12, 2019
The USD/JPY pair has moved to form a moderate break of the ascending trendline, with price action also breaking the 108.83 support level. A stall in price action has occurred at the 108.46 support level, at which point the pair has failed to move lower. Momentum indicators have downward trajectories.
The Eurodollar has broken several resistance line, as a new rally begins to form. A break of the 1.112 resistance level may see price action moving to test the 1.116 price line once again. Momentum indicators support bullish sentiment with sharp upward trajectories.
The GBP/USD pair has reached new price highs, at levels not seen since the start of the year. The pair has broken a long-term price high at the 1.316 resistance line, although bullish momentum appears to be stalling. Momentum indicators suggest that the pair is overbought. However, MACD is maintaining an upward trajectory, though is a lagging indicator.
The USD/CHF continues to be plagued by bearish sentiment, as sellers have taken price action beyond several support levels to test the 0.980 price level. A break of the 0.985 support level is significant as price action has rebounded from this price area on previous occasions. Momentum indicators have bearish trajectories.
The USD/CAD pair remains volatile, with buyers and sellers tussling to dominate price action. Sellers have had the edge recently taking the pair back towards the 1.314 support line. A break of the ascending trendline to the downside provides further weight to the recent bearish move. Momentum indicators have bearish trajectories.
Silver has failed to move beyond the 16.85 support level for any extended period of time. A brief break saw the metal rebounding from the 16.55 price level. Overall the trend is descending, as denoted by the trendline. Any rise in price action will likely result in a bearish rebound. Momentum indicators remain in bearish territory, yet have upward trajectories.
Gold buyers have had the edge in recent price action, taking price action back to break the 1468.50 resistance level once again. The metal may move towards the descending trendline once again where on several previous occasions price action has pulled back. Momentum indicators have bullish trajectories.
WTI price action continues to be volatile, with strong moves by both buyers and sellers. Buyers have determined the direction of price action in recent trading. Yet, despite buying pressure, the commodity has failed to move into the $60 per barrel range. Momentum is beginning to wane and indicators have flattened in bullish territory.