A Bullish Reversal On The Cards For USD/CAD?

• 30 Mar 2020

USD/JPY

USD/JPY pair has plummeted back below the 107.93 support level with the next target at the 106.62 support area. The break below a recent trading range could be telling of a longer-term bearish trend. Momentum indicators support bearish momentum with both indicators moving towards the sell channel. 

 

 

 

 

EUR/USD

Eurodollar buyers have fallen just short of the 1.116 resistance area which has represented an obstacle in the past. However, sellers appear to have returned at the 1.112 resistance area which may spell the end of the rally. Momentum indicators have bullish trajectories, with MACD testing the zero line.  

 

 

 

GBP/USD

The GBP/USD rally is building support with price action now heading towards the 1.251 resistance line. A break of this price line would represent a full recovery from the recent sell-off and a return to more stable trading range. Momentum indicators have upward trajectories, with RSI recovering testing the default line.

 

 

 

USD/CHF

The USD/CHF pair has plummeted towards the 0.953 support level as sellers returned with conviction to the pair. Price action appears to have stalled after the break in early trading today. Momentum indicators are also pulling back from bearish positions. 

 

 

 

USD/CAD

The USD/CAD pair has stalled mid-move as sellers appear to have lost steam, as sellers have returned despite the selling pressure. A morning star doji pattern appears to be forming which indicates further upside for the pair. Momentum indicators have reflect bearish sentiment with downward trajectories. 

 

 

 

SILVER

The Silver revival appears to have stalled at the 14.30 resistance line where a series of doji candles have gathered. There appears to be no obvious directional bias for the metal at this point as market participants await further fundamental news. Momentum indicators have also stalled in bearish territory. 

 

 

 

GOLD

Gold has stalled after a buying frenzy in response to the prospect of more stimulus. The metal has sustained the 1600 range for the time being, yet there have been several pullbacks. Momentum indicators are mixed with RSI stalling in neutral/bullish territory yet MACD has an upward trajectory.  

 

 

 

 

OIL

WTI prices remain at all-time lows testing the $20 per barrel range. The 22.76 support level continues to be tested yet a break has not materialized. Price action will likely flat-line until another round of major news hits the markets. Momentum indicators have flattened in bearish territory with RSI hugging the 30 support level.