British Pound Comes Under Pressure

• 30 Jun 2020

USD/JPY

The USD/JPY pair has oscillate between the 105.93 and 107.93 price levels in the near-term. The pair has moved to test the 107.93 price level once again and if a break materialises, the uptrend could gain traction. Momentum indicators have upward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers have been overturned and the pair has once again returned to the 1.124 support level. The tussle between buyers and sellers continues as the pair hugs the support line. Momentum indicators are beginning to flatten out in bullish territory.

 

 

 

 

 

GBP/USD

The GBP/USD pair is heading back towards the 1.221 support line and a downtrend appears to be forming. A break would mean the return towards covid outbreak price levels. Momentum indicators have resumed downtrends with MACD breaking the zero line.

 

 

 

 

 

USD/CHF

The USD/CHF pair is testing the 0.951 price level once again as buyers begin to build momentum. However, previous attempts to break this range have failed. If buyers succeed, a longer term uptrend may be established. Momentum indicators have upward trajectories. 

 

 

 

 

 

USD/CAD

The USD/CAD has extended the move beyond the 1.354 support level, after some hesitation. The next target is the 1.386 resistance level which is the floor of a previous trading range and represents a price recovery. Momentum indicators have sharp upward trajectories. 

 

 

 

 

 

GOLD

Gold buyers have returned and a bullish breakout is underway with the metal clearing a significant obstacle at the 1745.74 price level. If the break can be sustained the bullish move may find significant support, however, doji candles may represent exhaustion from buyers. Momentum indicators have upward trajectories.

 

 

 

 

 

OIL

WTI rejected the 41.40 resistance line as sellers returned to drive price action away from the resistance area. So far, the $35-40 per barrel range remains intact and a series of doji candles has the commodity moving horizontally. Momentum indicators have flattened in bullish territory.