US Dollar Recovery Continues

• 20 Aug 2019

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USD/JPY

 

USD/JPY buyers are beginning to build some momentum despite the selling pressure since the pair broke the descending trendline. However, sellers still have some presence in the pair. The next target is the 107.16 price level which has been a key support level in the past. Momentum indicators have moderate upward trajectories. 

 

 

 

 

 

EUR/USD

 

The Euro is testing the 1.107 support level which represents a recent price low as the pair continues to come under pressure with US Dollar recovery. A bearish cross on MACD indicates further downside potential for the pair which is also reflected on RSI which is yet to reach oversold conditions. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has made a mild recovery from the extended but moderate sell-off since the beginning of May. Buyers have returned to take price action higher despite moderate selling pressure. A reversal appears to be underway.  The reversal is also confirmed by momentum indicators which are beginning upward trajectories and moving out of oversold conditions.  

 

 

 

USD/CHF

 

The USD/CHF pair has broken the descending trendline and is now testing the 0.981 support level. A break would take price action towards the 0.987 price level. Momentum indicators have turned more bullish yet remain in neutral zones. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.330 resistance line with a strong bullish move. On each previous occasion, buyers have lacked the conviction to drive prices higher. The pullback in the uptrend may have been short-lived. Momentum indicators are bullish, however, RSI is approaching overbought conditions. 

 

 

 

SILVER

 

Silver is heading back to the 16.78 resistance line as sellers have returned to the metal. A break would confirm the downtrend and likely take price action towards the ascending trendline. Momentum indicators are also pulling back from bullish positions indicating a reversal may be underway.

 

 

 

 

GOLD

 

Gold has pulled away from the ascending trendline with rising bearish sentiment not seen since the beginning of July. A support level exists at the 1448.10 price line. Momentum indicators are also pulling back from strongly bullish positions and RSI has broken the 70 resistance line. 

 

 

 

 

OIL

 

WTI has broken both the descending trendline and the 54.92 support level with a strong bullish move. The next target is the 58.14 price line which represents a strong resistance area for the commodity. The overall trend, however, is descending and WTI continues to oscillate around the trendline.  Momentum indicators are neutral if slightly bullish. 

 

 

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