Eurodollar Recovery Underway

• 30 Apr 2019

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USD/JPY

 

The USD/JPY pair has fallen below the 111.75 price level after a strong sell-off at the end of last week. Buyers appear to have returned to some degree however, but small-bodied candles indicate little conviction. MACD has a downward trajectory yet RSI is neutral/bearish. 

 

 

 

 

EUR/USD

 

The EUR/USD pair is experiencing significant volatility as a result of macroeconomic factors. The descending trendline indicates the long-term trajectory for the pair is bearish. The pair is approaching a previous support area at the 1.119 price level. A bullish momentum reversal is underway on both MACD and RSI which supports current price action.

 

 

 

 
 GBP/USD

 

The GBP/USD pair is recovering after extended bearish sentiment, which has now resulted in a moderate recovery in price action. A momentum reversal on RSI and MACD could suggest a change in direction for the pair. Most likely, fundamental factors will play a big role in future price action.

 

 

 

USD/CHF

 

The USD/CHF pair appears to be on the verge of a reversal. A series of doji candles indicate a break in the current rally. Selling pressure is rising with extended upper shadow candles. The pair has also failed to break a recent high at the 1.021 price level.  The next target for sellers is the 1.015 price level. Momentum indicators remain somewhat bearish.

 

 

 

 

USD/CAD

 

The USD/CAD pair is once more testing the 1.345 price level to the downside and a break will likely send price action towards the 1.335 price level. Momentum indicators reflect the change in sentiment and are turning less bullish. 

 

 

 

SILVER

 

Silver is stuck in a moderate long-term downtrend with more sideways movement than bullish or bearish movement. The pair has managed to clear the 14.76 support level, however, appears likely to remain in the trading range between this support level and the 15.23 resistance line. Momentum indicators reflect bullish sentiment with reversals underway. 

 

 

 

 

GOLD

 

Gold has pulled back towards the 1279.66 price level which represents a strong support area for the metal. The longer-term trend has been bearish. Bullish momentum reversals are underway which could be the first indication that buyers are beginning to dominate.

 

 

 

OIL

 

WTI has pulled back to touch the ascending trendline amid geopolitical intervention in order to stymie prices. As such, the commodity has fallen below the target of $65 per barrel. The question is whether the commodity will fall further. RSI has broken the 70 resistance area and MACD has stalled in bullish territory.   

 

 

 

 

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