The USD/JPY pair continues to test the descending trendline as bearish sentiment takes price action lower. The next support level is the 107.16 price area. The pair will likely remain in this thin trading range for the foreseeable future. Momentum indicators, however, support bullish sentiment and are presenting with upward trajectories.
The EUR/USD pair has once again suffered from a sell-off, taking price action towards the ascending trendline. A series of doji candles represent indecision in the pair. Overall, in the longer-term, the trend is bullish with a series of oscillations represented by the current direction of price action. Momentum indicators are moderately bearish.
The GBP/USD pair appears to be trading horizontally, oscillating between the 1.253 and 1.274 price levels. The pair is more likely to be impacted by fundamental factors going forward. Momentum indicators are moderately bearish.
The USD/CHF pair has made a mild recovery taking price action to test the 0.987 resistance line. This resistance line has resulted in a pullback in price action. Momentum indicators remain in bearish territory although are making some recovery.
The USD/CAD pair has plummeted to break the 1.309 support level after a strong dollar sell-off last week. The break has resulted in the pair decelerating and the subsequent return of buyers. Momentum indicators have flattened in strongly bearish territory.
Silver's rally continues to result in pullbacks to test the ascending trendline as the pair makes its way towards the 15.52 resistance line. Fundamental factors are likely to come into play in terms of the future direction of price action. RSI has pulled away from the overbought 70 resistance line and MACD has flattened in bullish territory.
Gold price action has been volatile in recent trading. Buyers are still very much present for the metal as recent price highs continue to be tested. There are signs in momentum indicators that the bullish sentiment is starting to wane, as MACD pulls back from strongly bullish territory and RSI tests the 70 overbought line.
WTI has found resistance at the $60 per barrel price range and as such, sellers have returned sending price action towards the $55 price level. Momentum indicators are neutral which suggests that sentiment is neither strongly bullish or bearish.
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