Eurodollar Pullback Ends Short Rally

• 22 Mar 2019

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USD/JPY

 

The USD/JPY pair has suffered a pullback in price action after failing to break the 111.75 resistance line. The pair is now testing an ascending trendline which represents a support level for a longer-term uptrend. The next target for sellers will likely be the 110.20 price level. MACD is on the verge of breaking the zero line and RSI has a downward trajectory. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the descending trendline and price action spiked to touch the 1.144 resistance line, which resulted in the return of sellers to the pair. The question remains whether the Eurodollar can break out of the longer term downtrend. Momentum indicators have turned bullish with MACD breaking the zero line and RSI remaining in bullish territory.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.319 price level which may only represent a pullback in the longer-term uptrend. Already buyers appear to have returned as buying pressure has risen. Momentum indicators represent bearish sentiment and are pulling back from bullish positions. 

 

 

 

USD/CHF

 

The USD/CHF pair has broken a series of support levels, as the dollar suffered against the Swiss Franc. Sellers are testing the 0.990 price level and a break would send price action towards the ascending trendline. MACD has broken the zero line to the downside and RSI is approaching the 30 oversold level. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.330 price level, which sparked the return of buyers to push price action back to the 1.335 price level and the descending trendline. Price action has generally bounced back from this trendline on previous occasions as the pair oscillates towards the the apex of a symmetrical triangle. Momentum indicators remain moderately bullish.

 

 

 

SILVER

 

Silver has broken but is still testing the 15.42 price level with the metal entering into a tight trading range within the support and resistance levels. Momentum indicators have turned bullish with MACD approaching the zero line and RSI beginning an upward trajectory.

 

 

 

 

GOLD

 

Gold buyers appear to be dominating price action with a break of both the descending trendline and a support level at the 1306.12 price 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 now testing the $60 per barrel. The break has not been emphatic with a series of doji candles suggesting a lack of conviction from buyers and there are also signs that the commodity is overbought. RSI is testing the 70 resistance line and MACD is flat in bullish territory.  

 

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