Technical Analysis

USD/JPY Approaches Long-Term Market Top

• 13 Jul 2018

 

 

 

 

USD/JPY

Sentiment for the USD/JPY has turned significantly bullish, with the pair fast approaching the 113.26 market top of late 2017. The bullish breakout has been accompanied by an extension on MACD and RSI breaking the overbought resistance line.

 

 

 

EUR/USD

The EUR/USD pair appears headed towards the 1.153 support level although there is some indecision from market participants, with a doji candle in yesterday's session. Momentum indicators are also mixed with neither buyers nor sellers dominating.

 

 

 

GBP/USD

The rally which took the GBP/USD pair towards the 1.330 price line was short-lived; as price action rejected and fell back from this resistance area. Momentum indicators are in neutral/bearish territory. Price action seems likely to remains between the 1.306 and 1.330 price levels.

 

 

 

 

 

USD/CHF

The USD/CHF pair has broken the upper trendline to test the 1.00 price level to the upside. U.S. Dollar strength was pared at this resistance level as RSI fell short of breaking the 70 resistance line. It remains to be seen if buyers have the conviction to drive price higher.

 

 

 

 

USD/CAD

The USD/CAD pair has rejected the 1.309 price level and has turned more bullish; however in today's trading, momentum indicators are more neutral although still moderately bullish.

 

 

 

 

SILVER

A tussle between buyers and sellers is apparent in Silver's price action where sellers appeared to be dominating the pair in yesterday's trading only for a retracement to begin in today's trading. MACD has flattened in bearish territory and volume is rising.

 

 

 

 

GOLD

Gold has established a long-term downtrend denoted by the descending trendline. The metal has broken the lower trendline to the upside in an apparent shift in bullish sentiment, which is now acting as a support level. The 1241.48 price line is now being tested and a break would prove significant.

 

 

 

 

OIL

Oil suffered from a significant sell-off in yesterday's trading which sent price action towards the 68.84 price level. MACD has reversed and is now approaching the zero line and RSI continues to pull away from overbought conditions. Volume has risen as Oil fails to break the 68.84 price line.