Eurodollar Reaches Multi-Year Lows

• 3 Sep 2019

USD/JPY

 

The USD/JPY pair is oscillating between the 105.28 and the 107.16 price levels which has developed as a new trading range for the pair.  Horizontal trading within this range will likely continue until some fundamental news influences price action. Momentum indicators remain in bearish territory but are beginning upward trajectories.  

 

 

 

 

 

EUR/USD

 

The Euro continues to suffer from a strong sell-off in recent trading, taking price action to break the 1.095 support level which represents a multi-year low. A longer-term downtrend appears to have been established for the pair. Momentum indicators remain in bearish territory, however, RSI has reached oversold conditions. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.203 support line which on previous occasions has resulted in a bullish rebound in price action. Momentum indicators are bearish with MACD extending into negative territory and RSI approaching oversold conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has broken the 0.987 resistance line with the next resistance line at the 0.993 price level. The last six consecutive trading sessions have been bullish, however,  a strong resistance area remains at the 0.993 price line. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI approaching overbought conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has been unable to clear the hurdle of the 1.330 price level, however, despite selling pressure, buyers appear to be gaining traction. The next target is the 1.337 resistance level. Momentum indicators are bullish with further upside potential.  

 

 

 

SILVER

 

Silver has broken the 18.17 resistance line in a strong bullish move, taking price action has spiked towards the 18.63 resistance line. There has been some slowdown in the rally, however, as denoted by the small-bodied candles. MACD has extended further into bullish territory, yet RSI is bouncing along the 70 overbought line.

 

 

 

 

GOLD

 

Gold also appears to be pulling back from the extended rally and is no longer testing the ascending trendline, rather, is testing the 1524.27 support level. These signs of exhaustion in the rally may represent the end of the longer-term bullish sentiment. Momentum indicators are also pulling back from bullish territory as reversals appear to be underway.  

 

 

 

 

OIL

 

WTI is testing the 54.92 resistance line after rejecting the 56.69 resistance level in a strong bearish move. The move indicates lower highers representative of a bearish trend. Therefore, the long-term bearish trajectory of the commodity will likely remain intact. Momentum indicators are neutral if slightly bearish.