Can WTI Make A Sustainable Recovery?

• 29 Apr 2020

USD/JPY

The USD/JPY pair has moved to test the 106.62 support level as sellers begin to dominate price action. The next target is the 104.97 support level. Momentum indicators have pushed into bearish territory with both MACD and RSI moving into sell channels. 

 

 

 

 

EUR/USD

The Eurodollar has dropped back to the 1.078 price level, yet the pullback was met with a rise in buying activity preventing the break of the support line. The next target appears to be the 1.089 resistance area, yet sellers remain active. Momentum indicators have flattened in bearish/neutral territory.  

 

 

 

 

GBP/USD

The GBP/USD pair has bounced back from the 1.216 support area, as buyers begin to return to the pair. The pair will likely remain in range between the 1.216 and 1.251 price levels in the near-term. Momentum indicators are have upward trajectories yet MACD has been unable to push beyond the zero line.

 

 

 

USD/CHF

USD/CHF price action indicates that buyers dominance is waning at the 0.973 price level. Selling pressure has taken price action below the resistance area as a new trading range may be established. Momentum indicators have flattened in bullish territory. 

 

 

 

USD/CAD

The USD/CAD pair has broken the 1.397 support level, yet the break has been subdued. Price action has failed to push below the support level on several previous occasions, therefore, a bullish rebound may be on the cards. Momentum indicators have downward trajectories. 

 

 

 

SILVER

Silver has reverted back to the 14.50 support level and despite a spike down, price action remains above this support level. Activity in the metal remains subdued as buyers appear to lack the appetite to drive a trend change. Momentum indicators are neutral with MACD flattening against the zero line.

 

 

 

 

GOLD

Gold has begun to trade in a new range between the 1693.16 and 1728.82 price levels. Buying activity remains but the conviction is not there. The current move may represent a period of exhaustion before buyers drive the metal to new highs. Momentum indicators have flattened in bullish territory. 

 

 

 

 

OIL

WTI appears unable to climb back from the 14.03 support level. Each breakaway attempt is met with strong selling activity. The commodity is yet to fully break this support level indicating that another bullish breakout attempt may be made. Momentum indicators appear to be forming upward trajectories.