Can The Eurodollar Break A Key Resistance Area?

• 19 Mar 2019

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USD/JPY

 

The USD/JPY pair is consolidating in a moderate uptrend, having formed around an ascending triangle pattern. Price action continues to test the 111.75 resistance level and a breakout would see the continuation of a previous uptrend. Momentum indicators are downward sloping indicating some decline in bullish sentiment. 

 

 

 

 

EUR/USD

 

The EUR/USD pair is testing the descending trendline with what looks like the start of a break of the resistance line. On each previous occasion that price action has touched this resistance line, the result has been a bearish pullback for the pair. Momentum indicators appear to be undergoing a bullish momentum reversal.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.326 price level as fundamentals continue to spike volatility in the pair, however, price action has failed to move beyond this resistance area. Momentum indicators have stalled in bullish positions with RSI falling just short of overbought conditions.

 

 

 

USD/CHF

 

The USD/CHF pair has returned towards the 1.001 price level, which may mark the beginning of a reversal. However, it is possible that the pair remains within this tight trading range. MACD is on the verge of breaking the zero line to the downside and RSI has a clear downward trajectory. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has failed to break the upper descending trendline of a symmetrical triangle. Price action will likely oscillate within these support and resistance lines until a breakout, the likely direction of the breakout is bullish. Momentum indicators have decelerated but remain moderately bullish.

 

 

 

SILVER

 

Silver has turned back towards the 15.42 price level and the metal may enter into a tight trading range within the support and resistance levels. Momentum indicators have turned bullish with MACD approaching the zero line. 

 

 

 

 

GOLD

 

Gold buyers appear to be dominating price action with a break of the descending trendline and a current test of the 1306.12 resistance line. Momentum indicators support bullish sentiment with reversals underway on both MACD and RSI. 

 

 

 

 

OIL

 

WTI buyers appear to be winning the struggle having pushed price action beyond the $57 per barrel price range and towards the elusive $60 per barrel. The break has not been emphatic and there are signs that the commodity is overbought. RSI is testing the 70 resistance line and MACD is flat in bullish territory.  

 

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