Is The Eurodollar Losing Steam?

• 3 Mar 2020

USD/JPY

The USD/JPY pair continues to oscillate around the 107.93 support level which has been a considerable obstacle for sellers. The sell-off in recent trading seem to have come to an end and the pair may once again stabilize between the 107.93 and 110.19 price levels. Momentum indicators have sharp bearish trajectories.  

 

 

 

 

EUR/USD

The Eurodollar has come under pressure as the rally approaches the 1.120 resistance are which represents a recent top. The selling pressure took the pair back below the 1.116 resistance level to now test the 1.112 support line. Momentum indicators have sharp upward trajectories, however, RSI is now testing the 70 overbought level. 

 

 

 

GBP/USD

The GBP/USD pair has begun to test the 1.274 support level once again as the price level remains a sticking point for sellers. Longer-term price action remains bearish and a break seems likely, as global growth is set to slow in light of the Covid-19 spread. Momentum indicators are bearish with RSI approaching the 30 oversold level.

 

 

 

USD/CHF

The USD/CHF pair has stalled after breaking the 0.960 support level which resulted in a significant rise in buying pressure. Sellers still appear to be active as 7 of the last 8 trading session have been bearish indicating significant conviction from bears. The pair may be oversold however, as RSI moves to test the 30 support level. 

 

 

 

USD/CAD

The USD/CAD pair has suffered a pullback in the recent rally with strong bearish conviction driving price action back below the 1.333 support level. Buyers returned before the pair was able to test the 1.330 support level. A momentum reversal is underway on RSI yet both indicators remain in bullish territory.  

 

 

 

SILVER

The Silver sell-off has come to an end with the return of buyers in the early Asian trading session. The 16.55 support area proved to be a pivot point for the metal and as such buyers have take price action to now test the 16.85 resistance line. Momentum indicators have sharp downward trajectories, with RSI pulling back from oversold territory. 

 

 

 

GOLD

Gold buyers have returned to facilitate yet another rebound in price action at the ascending trendline. The next target is therefore the 1609.97 resistance level. The longer-term uptrend currently remains intact and the 1600 range is likely to be maintained. Momentum indicators have stalled in bullish territory. 

 

 

 

OIL

WTI appears to have found a bottom at the 43.70 support level as buyers have returned in early trading. Sellers strength has dominated previous bullish rebounds, therefore, the question is whether buyers have the appetite to sustain the move. Bulls have the 49.46 target in sight. Momentum indicators support the bullish bias with RSI breaking the 30 oversold level.