A WTI Recovery Is Underway

  • 6 Apr 2020

USD/JPY

The USD/JPY pair has reverted back to break the 107.93 price level as buyers returned before price action hit the 106.62 support level. The pair may now oscillate between the 107.93 and 110.19 price levels. Momentum indicators remain neutral/bullish territory. 

 

 

 

 

EUR/USD

The Eurodollar has managed to break the 1.089 support level and spiked through the 1.078 support level as sellers’ conviction rose dramatically in recent trading. Buyers have since returned at this price level representing a stall in the sell-off. Momentum indicators have also stalled in bearish territory.  

 

 

 

GBP/USD

The GBP/USD pair failed just before the 1.251 price line and as such, has pulled back towards the 1.216 support level. This support level has represent a floor for a previous trading range and may do so again as price action begins to stabilize. Momentum indicators are making a moderate recovery from oversold conditions.

 

 

 

USD/CHF

The USD/CHF pair has pushed past the 0.973 resistance line however, the break has been met with indecision as small-bodied candles represent a lack of appetite from buyers to drive the rally. Momentum indicators have stalled in neutral/bullish territory. 

 

 

 

USD/CAD

The USD/CAD continues to hug the ascending trendline as the pair makes its way back towards the recent high at the 1.450 resistance line. Despite selling pressure in recent trading; a bullish bias persists. Momentum indicators have flattened after reversing overbought positions. 

 

 

 

SILVER

The Silver revival appears to have stalled at the 14.30 resistance line where a series of small-bodied candles have gathered. Despite a marginal bearish bias in recent price action, buyers returned to test the resistance line once again. Momentum indicators have flattened in bearish territory. 

 

 

 

GOLD

Gold has climbed past the 1609.97 resistance line and re-entered the 1600 range. On previous occasions, a break of this resistance area has resulted in a bearish rebound, yet price action has stalled. Momentum indicators support the bullish bias with MACD breaking the zero line to the upside.  

 

 

 

 

OIL

WTI price appears to be making a recovery with buyers returning to the commodity. Buyers’ conviction is strong with significant bullish moves forming in recent trading. A target exists at the 34.90 resistance area, representing the gap-fill line. Momentum indicators have upward trajectories.

 

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