WTI Testing A Key Support Level

• 28 Apr 2020

USD/JPY

The USD/JPY pair has essentially flattened within the 106.62-107.93 trading range, as neither buyers nor sellers have any conviction to drive price action. New macroeconomic developments will likely be required to break the current horizontal move. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

EUR/USD

The Eurodollar has dropped back to the 1.078 price level, yet the pullback was met with a rise in buying activity preventing the break of the support line. The next target appears to be the 1.089 resistance area. 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 neutral.

 

 

 

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 flattened in bullish territory. 

 

 

 

USD/CAD

The USD/CAD pair has been pushed back from the 1.423 price line, yet, despite selling activity the pair has been held up before a break of the 1.397 support level. A new range has been established between the 1.397 and 1.423 price levels. Momentum indicators are neutral if slightly bullish. 

 

 

 

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 buyers appear to lack the appetite to drive a trend change. Momentum indicators are neutral with MACD flattening against the zero line.

 

 

 

 

GOLD

Gold volatility continues with price action now testing the 1728 price ceiling. However, this price level has been a hurdle for buyers and as such, sellers have returned to push price action back. Momentum indicators are beginning downward trajectories. 

 

 

 

 

OIL

WTI appears unable to climb back from the 14.03 support level. Each breakaway attempt is met with strong selling activity. The commodity is yet to break this support level indicating that another bullish breakout attempt may be made. Momentum indicators are bearish with RSI testing oversold conditions.