Can The Pound Gather Bullish Momentum?

• 19 Jun 2019

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USD/JPY

 

The USD/JPY pair has dropped below the 108.78 price level and has essentially flat-lined just below this resistance level with a series of doji candles. The pair is likely to remain in this neutral zone until some fundamental news elicits a response from buyers or sellers. Momentum indicators appear to be bullish which could be the first indication of a change in trend for the pair. 

 

 

 

 

 

EUR/USD

 

The EUR/USD pair continues to test the 1.119 price level as sellers dominate the pair at the start of the trading week. The next support line is the 1.113 price level where price action has tended to rebound on previous occasions. Momentum indicators are bearish; with RSI flattening in negative territory and MACD turning towards the zero line. 

 

 

 

 
 GBP/USD

 

A price reversal could be underway for the GBP/USD pair after a break of the 1.260 price level. Buyers have since returned, although lack strong conviction currently. Momentum indicators remain in bearish territory although appear to be turning less negative. 

 

 

 

USD/CHF

 

The USD/CHF pair has broken the 0.997 resistance area, and as such, is now testing the 1.001 resistance line. The next target for buyers is the 1.001 price level as a bullish bias appears to be gaining traction. A bullish momentum reversal is underway on MACD and RSI is pulling away from bearish/oversold conditions.

 

 

 

 

USD/CAD

 

The USD/CAD pair has failed to create a meaningful break of the ascending trendline and sellers have returned to push price action back towards the 1.335 price level. Momentum indicators support the bullish bias with MACD heading back towards the zero line and RSI maintaining an upward trajectory.  

 

 

 

SILVER

 

Silver has gained traction as buyers take price action away from the 14.76 price level towards the 15.23 price level. Momentum indicators are bullish with MACD breaking the zero line and RSI continuing a bullish trajectory. 

 

 

 

 

GOLD

 

Gold has found resistance at the 1339.49 price level which also represents a recent price high. A pullback was short-lived as the metal tests the previous price high once more. A stall keeps price action at this resistance line despite strong selling pressure denoted by long upper shadows. Momentum indicators suggest that the commodity is overbought with MACD decelerating in bullish territory and RSI testing the 70 overbought line. 

 

 

 

 

OIL

 

WTI price volatility continues with neither buyers nor sellers able to dominate price action. Current momentum has price action testing the $54 per barrel mark with the next target at $55 per barrel. Momentum indicators are pulling away from bearish conditions and a reversal appears to be underway.

 

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