Will Dollar Weakness Continue?

  • 21 May 2019

Kickstart your new year with the best USD50 bonus campaign. Limited-time offer! Get it now!

USD/JPY

 

The USD/JPY pair is testing the 109.78 price level as the Dollar begins to make a recovery and buyers return. Momentum indicators support the bullish sentiment with both MACD and RSI undergoing momentum reversals.

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the lower bound of a symmetrical triangle, however, the break has resulted in a stall in price action (denoted by a doji candle). Momentum indicators remain in bearish territory with MACD extending into negative territory and RSI flattening just above the 30 support level. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has hit a support level at the 1.271 price level which may result in the pair bouncing back in a bullish direction, it is however, only a moderate support level. Momentum indicators suggest a potential reversal with RSI flattening in oversold conditions, however, MACD appears to be extending into bearish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back to the 1.010 price level and price action has stalled just below this resistance level. The overall, longer-term trend for the pair is bullish and therefore a break of the resistance line would provide further confirmation of the bullish bias. Momentum indicators are mixed with MACD approaching the zero line and RSI climbing away from oversold conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has found strong resistance around the 1.345 price level and as such price action has begun to fall away from the resistance level maintaining the 1.330- 1.345 trading range. Momentum indicators have turned more bearish with MACD heading towards the zero line and RSI moving further into bearish territory. 

 

 

 

SILVER

 

Silver sellers have pushed price action to break the 14.76 price level and descending trendline once again. Further, price action has broken the 14.51 support level. There are signs that this break has prompted the return of buyers as MACD begins to reverse position and RSI bounces away from oversold conditions. 

 

 

 

 

GOLD

 

Gold is maintaining the bullish trend over the longer term. The metal has pulled back to the 1279.66 support level where price action has stalled. Momentum indicators are mixed which is representative of the indecision from market participants. MACD is on the verge of breaking the zero line to the upside and RSI has flattened in bearish territory. 

 

 

 

 

OIL

 

WTI buyers have begun to facilitate a mild rally taking price action towards the 64.56 price level, after the commodity bounced back from the ascending trendline which is acting as a support level. MACD has flattened at the zero line and RSI is approaching the 70 resistance line with an upward trajectory in support of bullish sentiment.

 


Follow Us on Facebook:

Sign up to get started

Open Demo Account
Open Live Account
Promotions