A US Dollar Revival Is Underway

• 15 Jun 2020

USD/JPY

The USD/JPY pair sell-off has stalled just below the 107.93 support level as buyers have returned to reverse price action. The pair will likely oscillate between the 105.92 and 107.93 price levels. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers made another attempt at the 1.140 resistance line yet a break was not sustained. Sellers have returned with gusto taking price action back to the 1.124 support level. Momentum indicators appear to be undergoing reversals.

 

 

 

 

GBP/USD

The GBP/USD pair has finally broken the 1.261 resistance level and is heading towards the 1.208 price level which represents the floor of a previous trading range. Momentum indicators have sharp downward trajectories with RSI pulling away from the overbought resistance line at 70. 

 

 

 

USD/CHF

The USD/CHF test of the 0.924 support level has resulted in a rebound taking price action back towards the 0.951 resistance level. Momentum indicators have stalled in bearish territory with RSI pulling away from oversold conditions. 

 

 

 

USD/CAD

The USD/CAD has found support after an extended sell-off as the US Dollar makes a revival. Price action is now heading back towards the 1.386 resistance line. Momentum indicators are undergoing reversals with sharp upward trajectories. 

 

 

 

SILVER

Silver has returned to the 17.58 price line and attempted bullish breaks have not been sustained. The pair will continue to hug this price line until either buyers or sellers find conviction to drive price action. Momentum indicators have a bearish bias with RSI pulling away from overbought conditions. 

 

 

 

 

GOLD

Gold buyers have returned to take the metal back towards the 1745.74 resistance line and yet again, the price area represents a sticking point. Oscillations between the 1693 and 1745 price levels seem likely to continue. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

OIL

WTI has returned to the 34.90 resistance level without truly testing the 41.40 resistance line. The $35-40 per barrel range may be a stabilizing price and certainly a level where certain OPEC members can find production profitable. Momentum indicators remain in bullish territory although RSI is pulling away from overbought conditions.