The USD/JPY pair has rejected the 108.46 resistance line whilst the descending trendline acts as a support level for the pair. The bullish move resulting from a touch of the trendline is losing steam denoted by a series of doji/ small-bodied candles. Momentum indicators have flattened in bullish territory with further upside potential.
The Eurodollar has bounced back from the 1.092 support level. There is little conviction from buyers with an even balance between buyers and sellers, hence the more horizontal price action. The longer term trend for the pair is descending and it seems likely this trajectory will continue. Momentum indicators remain in bearish territory, approaching oversold conditions.
The GBP/USD pair is testing the 1.228 support level which has been a key resistance area on previous occasions. The descending trendline highlights a longer term bearish trend; unsurprising given geopolitical conditions. The near-term direction of price action will likely result in the pair heading towards the 1.201 support level. Momentum indicators have turned sharply bearish.
The USD/CHF pair has rejected the 0.993 resistance line yet there is little conviction from sellers as the pair languishes in the 0.985 and 0.993 trading range. The overall trend for the pair is bullish despite some bearish pullbacks. Momentum indicators remain bullish, yet are also pulling back towards neutral territory.
The USD/CAD pair is testing the 1.323 support level which has represented a strong hurdle for sellers. The next target for sellers is the 1.319 support level. The pair has entered into a symmetrical triangle pattern indicating that a breakout is imminent. The direction of the breakout will determine the near-term trend for the pair. Momentum indicators have flattened in neutral territory.
Silver is testing the 17.42 support level as well as the ascending trendline, indicating that sentiment has turned sharply bearish. The next support level sits at the 16.83 price line. Support for the dollar has turned investors away from the metal. Momentum indicators have turned sharply bearish with MACD heading towards the zero line and RSI entering into the sell channel.
Gold is testing the 1485.27 price level as well as the ascending trendline. On previous occasions, the metal has rebounded from this strong support level which would send price action back towards the 1530 price area. A trading range between the 1485 and 1530 price levels will likely remain intact. Momentum indicators are neutral if slightly bearish.
A full bearish reversal has taken place after a spike in price action and WTI price has now returned to test the $55 per barrel price area. Rising buying pressure signals that price action may be held at this support level as sellers lack the appetite to drive price action lower. A bullish rebound seems likely. Momentum indicators are have bearish trajectories.