The USD/JPY pair has broken out of the 108 price range and is now testing the 109.25 resistance level. Despite a spike through the resistance area, price action has rebounded. Sentiment appears to have turned bearish and the pair will likely return to the 108 price range. Momentum indicators have flattened in bullish territory.
The Eurodollar has continued to sell-off taking price action back towards the 1.102 support level. The pair appears to have stalled at this price level, indicating a lack of conviction from sellers. Momentum indicators have turned sharply bearish with RSI approaching oversold conditions.
The GBP/USD pair has rebounded from the 1.295 resistance level, which has sent price action back towards the 1.274 support level. A break is yet to materialize which suggests a deceleration in selling momentum. Geopolitical developments are most likely to govern near term price action. Momentum indicators are pulling back from overbought conditions.
The USD/CHF pair has broken the 0.993 resistance level, which represents a move towards the top of a near term price range. The pair has struggled to break the 1.001 resistance level in recent trading despite several tests. Momentum indicators are mixed; with RSI moving into the buy channel and MACD languishing just below the zero line.
The USD/CAD pair is testing the 1.323 resistance level after a sustained rally in the pair. A break is yet to materialize for the pair, as the resistance level acts as an obstacle, with buyers currently lacking the conviction to drive price action higher. Momentum indicators have upward trajectories indicating a bullish bias.
Silver has broken the 17.37 support level and is now testing the 16.78 price line as heavy selling pressure continues. The metal has oscillated within the 16.78- 18.17 price range in recent trading. Momentum indicators have turned sharply bearish yet RSI has rebounded from oversold conditions.
A break of the 1471.41 support level indicated significant bearish momentum as price action has failed to clear this support level on previous occasions. The next support level for Gold is the 1448.10 support level. Momentum indicators are bearish with RSI approaching oversold conditions.
WTI has spiked through the 56.69 resistance line with strong buying pressure, yet price action remains poised at the resistance level. Oil may stabilize at this price level despite a clear uptrend. Sellers appear to still be active in the commodity. Momentum indicators remain in bullish territory.