US Dollar Remains Subdued At End Of Trading Week

• 24 Apr 2020

USD/JPY

The USD/JPY pair continues to test the 107.93 resistance area and has failed to break on several occasions with a series of doji candles representing indecision. A trading range between the 107.93 and 110.19 price levels would represent the return to a more stable price range. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

EUR/USD

The Eurodollar has dropped back to the 1.078 price level, as sellers begin to dominate price action. A recent floor exists at the 1.067 price level, yet sellers have struggled to push beyond the current support level. Both MACD and RSI have flattened in bearish/neutral territory.  

 

 

 

 

GBP/USD

The GBP/USD pair has come under pressure in recent trading with sellers driving price action back towards the 1.216 support level. The pair may remain in range between the 1.216 and 1.251 price levels in the near-term. Momentum indicators are neutral if slightly bearish.

 

 

 

USD/CHF

USD/CHF price action indicates that buyers are beginning to dominate the near-term direction of the pair. A break of the 0.973 price level has resulted with price action heading towards the 0.983 resistance line. Momentum indicators have upward trajectories. 

 

 

 

USD/CAD

The USD/CAD pair has been pushed back from the 1.423 price line, as sellers begin to dominate the pair. A new range exists between the 1.397 and 1.423 price levels. Momentum indicators have stalled in bullish territory. 

 

 

 

SILVER

Silver has reverted back to the 14.50 support level and despite a spike down, price action remains above this support level. Activity in the metal remains subdued as other commodities steal the limelight. Momentum indicators are bullish; with MACD testing the zero line to the upside and RSI beginning an upward trajectory.

 

 

 

 

GOLD

Gold volatility continues with price action now testing the 1728 price ceiling. Can the metal form new highs? There appears to be strong conviction from buyers when looking at price action. Momentum indicators suggest the metal is reaching overbought conditions with RSI approaching the 70 resistance level. 

 

 

 

 

OIL

WTI appears to be climbing again after testing the 14.03 support level. The next target is the 22.76 resistance level which was previously a key support area. Momentum indicators have stalled in bearish territory yet RSI is beginning  to recover from oversold conditions.