GOLD Surges On Stimulus And Uncertainty

• 13 Apr 2020

USD/JPY

The USD/JPY pair has reverted back to the 107.93 price level, with sellers taking price action to test this key support level. On several previous occasions, price action has undergone a bullish rebound at the 107.93 level. Momentum indicators have flattened in neutral territory. 

 

 

 

 

EUR/USD

The Eurodollar has moved to break the 1.089 price level, yet the break has revealed a lack of conviction from buyers. Th next target is the 1.107 resistance line. Momentum indicators remain in bearish territory although RSI appears to be turning more bullish.  

 

 

 

 

GBP/USD

The GBP/USD pair failed just before the 1.251 price line as neither buyers nor sellers are dominating price action currently. A previous trading range exists at the 1.280 price level yet the pair remains some distance away from this previous price range. Momentum indicators reflect the bullish sentiment.

 

 

 

USD/CHF

The USD/CHF pair has reverted back to the 0.964 support level as price action, once again, fails to move beyond the 0.983 price level. Bullish rebounds have taken place at the 0.964 support line on numerous occasions, therefore, sellers conviction will be tested. Momentum indicators have stalled in neutral/bullish territory. 

 

 

 

USD/CAD

The USD/CAD pair is testing the 1.397 support level with little conviction from sellers to move price action. A series of doji candles may indicate the end of selling momentum. Momentum indicators have downward trajectories to reflect the bearish sentiment. 

 

 

 

SILVER

The Silver revival has found support and price action has now pushed beyond the 14.30 resistance line towards the 16.14 price area. Although a moderately paced rally, buyers appear to have steady conviction. Momentum indicators have upward trajectories reflecting the bullish bias. 

 

 

 

GOLD

Gold has climbed to test the 1692.17 resistance line which represents a recent price ceiling. An evening star doji pattern may be forming which would spell the end of the rally. Momentum indicators support the bullish bias, yet RSI is approaching overbought conditions.  

 

 

 

 

OIL

WTI price appears to be making a moderate recovery with buyers returning to the commodity, albeit with weak conviction. A target exists at the 34.90 resistance area, representing the gap-fill line. Momentum indicators support bullish sentiment with moderate upward trajectories.