Is $55 Per Barrel A New Price Floor For WTI?

• 22 Jul 2019

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USD/JPY

 

The USD/JPY pair has bounced back from the 107.16 price level, as the pair appears to be entering into a trading range between the 107.16 and 108.54 price levels. The pair continues to oscillate around the descending trendline. Momentum indicators are mixed with MACD remaining negative and RSI bouncing back from oversold conditions.  

 

 

 

 

EUR/USD

 

EUR/USD continues to test and then rebound from the 1.119 support level. Price action continues to oscillate below the ascending trendline which has become a resistance area for the pair recently. Momentum indicators are moderately bearish with MACD testing the zero line and RSI falling just below the default line. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has rebounded and continues to test the 1.253 price level, as the pair struggles to return to the 1.253- 1.274 trading range. Momentum indicators remain moderately bearish despite a mild recovery from oversold conditions and MACD has begun a bullish reversal.  

 

 

 

USD/CHF

 

The USD/CHF pair has rejected the 0.987 resistance line as well as the descending trendline, as the longer-term downtrend remains intact. The trendline will likely remain as a strong resistance area for the pair. Momentum indicators remain bearish with MACD extending below the zero line and RSI entering the bearish channel. 

 

 

 

 

USD/CAD

 

The USD/CAD pair continues its horizontal trading pattern. A breakout seems imminent as oscillations move into a tighter range. Selling pressure has risen in recent trading taking the pair to an oversold territory where we may see a breakout. Momentum indicators appear to be undergoing moderate recoveries, turning more bullish. 

 

 

 

SILVER

 

Silver continues to test the 16.30 price level, with indications that buyers still have plenty of conviction- applying pressure to price action. RSI looks to be pulling back from overbought conditions as MACD is extending into bullish territory.

 

 

 

 

GOLD

 

Gold continues to oscillate around the ascending trendline, yet has broken the 1439.13 resistance line. Although volatility in price action continues, the overall trend remains bullish. Momentum indicators are also pulling back from overbought conditions in apparent bearish reversals. 

 

 

 

 

OIL

 

WTI has once again retraced from the $60 per barrel range and a sell-off has taken price action to break the descending trendline. Price action has moved to test the 54.92 support level, where a series of doji candles have formed indicating indecision. Momentum indicators are mixed, with MACD breaking the zero line to the upside and RSI entering into the bearish channel. 

 

 

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