The End Of The Eurodollar Uptrend?

• 17 Jul 2019

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USD/JPY

 

The USD/JPY pair has broken the resistance line at the 108.54 price level and is heading back towards the descending trendline. A trading range between the 107.16 and 108.54 price levels may have been established, considering price action has struggled to move beyond the 108.54 price level on numerous occasions. Momentum indicators remain in bearish territory.  

 

 

 

 

EUR/USD

 

EUR/USD buyers’ are unable to gain any real traction as a strong sell-off in yesterday’s trading took price action back to the 1.119 price level.  On previous ocassions, price action has rebounded from this support level. Momentum indicators remain bearish; with MACD testing the zero line and RSI remaining in the bearish channel. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has suffered another sell-off taking price action to a new price low at the 1.240 price level. A rebound from this price level could be on the cards, as the pair has been unable to break this support level. Momentum indicators suggest that a momentum reversal may be imminent as the pair approaches oversold conditions.  

 

 

 

USD/CHF

 

The USD/CHF pair is once again testing the 0.987 resistance line as well as the descending trendline, where previously price action has rejected the trendline as a strong resistance area. A rejection would keep the longer-term downtrend intact. Momentum indicators remain bearish.

 

 

 

 

USD/CAD

 

The USD/CAD pair is recovering with buyers taking price action back towards the 1.309 price level. However, the pair may have established a new trading range, as the horizontal trading pattern continues. Momentum indicators are making a bullish recovery. 

 

 

 

SILVER

 

Silver has once again broken above the ascending trendline reaffirming the uptrend that was previously established. Price action is now heading towards the 15.72 resistance line. Momentum indicators support the bullish sentiment, however, RSI is fast approaching overbought conditions.

 

 

 

 

GOLD

 

Selling pressure has taken Gold to break the ascending trendline, however, a series of doji candles represent a stall in price action. Market participants are waiting in anticipation of upcoming macroeconomic events. Momentum indicators have pulled back from strongly bullish positions. RSI has broken below the 70 resistance line indicating a momentum reversal. 

 

 

 

 

OIL

 

WTI has once again retraced from the $60 per barrel range and a sell-off has taken price action to break both the descending trendline and the 58.14 support level. Sellers may continue to dominate in the near-term as the commodity struggles to stabilise at a price level. Momentum indicators are moving away from bullish conditions in support of bearish sentiment. 

 

 

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