USD/CAD Breaks Significant Support Level

• 14 Apr 2020

USD/JPY

The USD/JPY pair has broken the 107.93 price level, with sellers facilitating a break. The next target is the 106.62 support level which has also represented an obstacle for sellers in the past. Momentum indicators have flattened in neutral territory. 

 

 

 

 

EUR/USD

The Eurodollar has moved to break the 1.089 price level, yet the break has revealed a lack of conviction from buyers. The next target is the 1.107 resistance line, yet a series of small-bodied candles indicate a lack of momentum in price action. Both MACD and RSI have flattened in bearish/neutral territory.  

 

 

 

 

GBP/USD

The GBP/USD pair continues to test the 1.251 price line, as buyers make yet another attempt to break the resistance area after a rejection at the 1.216 support level. Momentum indicators reflect the bullish sentiment, with MACD on the verge of a bullish break of the zero line.

 

 

 

USD/CHF

The USD/CHF pair has reverted back to the 0.964 support level where a stall appear to have occurred in price action. Oscillations appear to have narrowed, indicating that we may see a breakout in the pair. Momentum indicators have stalled in neutral/bullish territory. 

 

 

 

USD/CAD

The USD/CAD pair has finally broken the 1.397 support level indicating a trend reversal for the pair as bearish sentiment begins to dominate. A support level exists at the 1.342 price line, yet sellers have yet to build any real momentum. Momentum indicators have downward trajectories. 

 

 

 

SILVER

The Silver revival has found support and price action has now pushed beyond the 14.30 resistance line towards the 16.14 price area. Although a moderately paced rally, buyers appear to have steady conviction. Momentum indicators have upward trajectories reflecting the bullish bias. 

 

 

 

GOLD

Gold has surged in recent trading as market uncertainty switches investors attention to more traditional safe haven assets. A break of the 1692.17 sees the metal creating new highs. Momentum indicators support the bullish bias, yet RSI is approaching overbought conditions.  

 

 

 

 

OIL

WTI has stalled just below the $30 per barrel mark as a series of doji candles indicate indecision. A target exists at the 34.90 resistance area, representing the gap-fill line. Momentum indicators support bullish sentiment with moderate upward trajectories.