The USD/JPY pair has begun a bearish reversal as expected. Price action was unable to move beyond the 109.61 resistance line and in a strong sell-off has sunk to the 108.83 support level, where the ascending trendline also resides. There is a strong possibility that the pair will rebound from this support area (which has been the case on at least two previous occasions). Momentum indicators have begun reversals, pulling away from bullish territory.
The Eurodollar has enjoyed bullish sentiment as buyers returned in emphatic fashion to take price action beyond the 1.107 resistance level. A stall has occurred at this price point where price action has rebounded on previous occasions. Momentum indicators are neutral and fundamental factors are more likely to impact price action.
The GBP/USD pair has begun to trade horizontally, with oscillations narrowing within a tighter trading range and the 1.295 resistance line remaining a hurdle for the pair. When price action takes this pattern, a breakout may be imminent. Momentum indicators have stalled in bullish territory.
The USD/CHF pair has sold off to take price action through a series of support levels and back to the ascending trendline. Each time price action has reached the ascending trendline, a bullish rebound has taken place. It remains to be seen whether recent price action represents a trend change or a pullback in the uptrend. Momentum indicators reflect the recent bearish sentiment, with downward trajectories.
The USD/CAD pair has found support after a short break in the uptrend. Price action is now hugging the ascending trendline after having broken the 1.328 resistance level. The question is whether buyers have enough conviction to drive price action back towards the 1.333 price level, which represents a strong resistance area. Momentum indicators have stalled in bullish territory.
Silver has broken the ascending trendline to the downside, although there appears to be little conviction from sellers. A series of small-bodied candles represent uncertainty and low volatility with price action remaining in the 16.83- 17.42 range. Momentum indicators remain in bearish territory.
Gold buyers appear to have a slight edge in recent price action, taking the metal back towards the 1468.50 resistance level. The 1446.82 will continue to represent a price floor of the most recent trading range. Overall, the longer- term trend is bearish. Momentum indicators remain in bearish territory.
WTI price action continues to be volatile, with a strong moves by both buyers and sellers. The most recent move was dominated by sellers, with several breaks of support levels taking price action to the $55 per barrel level. The move has inspired buyers to return to take price action back towards the 56.76 resistance level. Overall, in the longer-term, the trend is bullish. Momentum indicators are mixed.