The USD/JPY pair has broken back above the ascending trendline and is continuing towards the 109.27 resistance line once again. This resistance line has served as an obstacle for the pair in recent trading, representing a ceiling. Currently there appears to be a lack of conviction from buyers. Momentum indicators have upward trajectories.
The Eurodollar has finally broken the ascending trendline, yet the pair has failed to move passed the 1.102 support level in the last few trading sessions. On previous occasions price has rebounded from this support area, therefore the test may result in another trend change. Fundamental factors will play a role in near-term price action. Momentum indicators are neutral if slightly bearish.
The GBP/USD pair has begun oscillating in a fairly tight trading range between the 1.274 and 1.295 price levels. The tightening oscillations are likely to result in a breakout. Currently price action is moving horizontally. So far, price action has been unable to clear the 1.295 resistance level. Momentum indicators remain in bullish territory, however, both have bearish trajectories.
The USD/CHF pair has moved to test the 0.997 resistance area, which has represented a real obstacle for the pair in recent trading. Oscillations indicate that sentiment has a bullish bias denoted by the higher lows, yet higher highs are yet to be established. Momentum indicators have upward trajectories.
The USD/CAD pair has stalled after a strong rally, with price action retracing to test the ascending trendline once again. The test of the support area has resulted, once again, in the return of buyers. Price action has been unable to move beyond the 1.328 resistance area recently. Momentum indicators have stalled in bullish territory.
Silver continues to move in line with the ascending trendline as sentiment has a bullish bias. Tests of the 16.83 support level have resulted in a bullish rebound. The range for the metal will be 16.83- 17.42, at least in the near-term. Momentum indicators have bullish trajectories and are recovering from oversold conditions.
Neither buyers or sellers are really influencing price action in a meaningful way, however, sellers have the edge resulting in price action returning to the 1446.82 support level. This support level represents an exhaustion area which sellers have struggled to push through on a previous occasion. Momentum indicators have flattened in bearish territory.
WTI price action continues to be volatile, with a strong recovery initiated by buyers to take the commodity back to the previous resistance level around the $58 per barrel range. Despite buying pressure, the commodity has been unable to sustain a break of the 57.96 resistance line. Overall momentum remain bullish.