Buyers Return To The Eurodollar

• 24 Jun 2020

USD/JPY

The USD/JPY pair seems set to oscillate between the 105.93 and 107.93 price levels in the near-term. The 105.93 support level has represented a price floor in a recent trading range and the lack of conviction suggests this will level will hold. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers have returned with gusto and are taking price action back towards the 1.137 resistance level. A test of the 1.137 resistance level has resulted in a pullback on previous occasions. Momentum indicators remain in bullish territory.

 

 

 

 

 

GBP/USD

The GBP/USD pair will likely continue to oscillate between the 1.221 and 1.261 price levels. Buyers have returned to drive price action back towards the 1.261 ceiling, yet previous breaks have not been sustained. Momentum indicators are moderately bullish.

 

 

 

 

 

USD/CHF

The USD/CHF pair has returned to the 0.942 support level as buyers lack the conviction to drive a break at the 0.951 price level. A longer-term downtrend appears to be forming which may see the support level tested. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD has found support after an extended sell-off, yet the pair cannot find the momentum to move away from the 1.354 support level. A series of small-bodied candles represent a slowdown and perhaps a trend change. Momentum indicators have moderate upward trajectories. 

 

 

 

 

 

GOLD

Gold buyers have returned and a bullish breakout is underway, as the metal moves beyond a significant obstacle at the 1745.74 price level. If the break can be sustained the bullish move may find significant support and reestablish the longer-term uptrend. Momentum indicators have upward trajectories.

 

 

 

 

 

OIL

WTI is making another attempt at the 41.40 resistance line although moves are lacking conviction as denoted by the moderate bullish trajectory and small-bodied candles. The $35-40 per barrel range may be a stabilizing price and may represent a longer-term floor and ceiling for the commodity. Momentum indicators have flattened in bullish territory with RSI testing overbought conditions. 

 

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