Eurodollar Volatile At Close Of Trading Week

  • 1 Feb 2019

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The USD/JPY pair is now approaching the 108.73 price level once again which represents a key long term support level. A break would prove significant. Momentum indicators have turned more bearish in support; with MACD extending further into bearish territory and RSI approaching the 30 support level.








The EUR/USD pair has broken several key resistance areas, including the most recent; the 1.145 price level. However, volatility in the pair continues and as soon as the pair broke the 1.145 resistance level, sellers returned. Whether price action will continue to the ascending trendline remains toe be seen; momentum indicators are still moderately bullish.






The GBP/USD pair failed to test the previous price high at 1.330 and sellers returned to the pair to drive price action back towards the 1.306. Another rebound has since taken place and it seems the volatility will likely continue up until March 29th. Momentum indicators remain in bullish territory although have decelerated. 







The USD/CHF pair has once again been rejected by the 0.997 resistance level. Price action is now heading back towards the 0.986 price level. A series of doji candles indicate indecision and that neither buyers nor sellers are dominating. Momentum indicators are mildly bullish.







The USD/CAD pair appears to be establishing a bearish flag formation. There is little conviction from buyers in rebounds followed by strong bearish moves. The pair has now broken the 1.316 price level and the next target for sellers is the 1.309 price level. Momentum indicators reflect bearish sentiment.






Silver has approached and pulled back from the 16.12 price level. An evening star doji pattern appears to be forming at the top of the market for the metal which may be the first sign of reversal. RSI has hit overbought conditions which may be another indication of a potential reversal. Selling volume has risen. 








Gold has broken the 1303.94 price level with some strong bullish moves, although the metal appears to have paused mid-rally once again. There are signs in today's trading of the return of sellers. At the same time, RSI is overbought. MACD indicates there is still some residual bullish sentiment. 







WTI buyers have returned with moderate bullish moves to take WTI beyond $50 per barrel. A key resistance area lies at $57 per barrel. The move has been supported by a bullish break of the zero line on MACD and a moderate bullish trajectory on RSI.  



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