USD/CAD Pair Is Testing Key Support Level

• 30 Apr 2020

USD/JPY

The USD/JPY pair has moved to test the 106.62 support level as sellers begin to dominate price action. However, despite several attempts, the pair has been unable to break this price area to the downside. Momentum indicators have flattened in bearish territory. 

 

 

 

 

EUR/USD

The Eurodollar continues to oscillate between the 1.078 and 1.089 price levels. The next target appears to be the 1.089 resistance area, yet sellers remain active. Momentum indicators have flattened in bearish/neutral territory.  

 

 

 

 

GBP/USD

The GBP/USD pair has bounced back from the 1.216 support area, as buyers begin to return to the pair. The pair will likely remain in range between the 1.216 and 1.251 price levels in the near-term. Momentum indicators are have upward trajectories yet MACD has been unable to push beyond the zero line.

 

 

 

USD/CHF

USD/CHF price action indicates that buyers dominance is waning at the 0.973 price level. Selling pressure has taken price action below the resistance area as a new trading range may be established. Momentum indicators have moderate upward trajectories. 

 

 

 

USD/CAD

The USD/CAD pair is testing a previous support level at the 1.386 price area. Previous bullish moves have take place at this price level, however, sellers appear to be in the driving seat. Momentum indicators have downward trajectories. 

 

 

 

SILVER

Silver is languishing between the 14.50 and 15.71 price levels. Doji candles indicate that neither buyers nor sellers are dominating price action and the horizontal move is likely to continue in the absence of major fundamentals news. Momentum indicators are neutral with MACD flattening against the zero line.

 

 

 

 

GOLD

Gold has begun to trade in a new range between the 1693.16 and 1728.82 price levels. Buying activity remains but the conviction is not there. The current move may represent a period of exhaustion before buyers drive the metal to new highs. Momentum indicators have flattened in bullish territory. 

 

 

 

 

OIL

WTI is making yet another attempt to climb back from the 14.03 support level. Previously, each breakaway attempt has been met with strong selling activity. Momentum indicators have upward trajectories.