U.S. Dollar Strengthens At Start Of Trading Week

• 31 Mar 2020

USD/JPY

The USD/JPY pair has rebounded from the 107.93 support level as a doji candle in yesterday’s trading signaled the end of the sell-off. The pair may settle once again in the 107.93- 110.19 trading range. Momentum indicators appear to have flattened in neutral territory. 

 

 

 

 

EUR/USD

The Eurodollar has fallen just short of the 1.116 resistance area which has represented an obstacle in the past. Sellers have since returned and price action is heading towards the 1.089 support level. Momentum indicators remain in neutral/bearish territory.  

 

 

 

GBP/USD

The GBP/USD rally has also lost steam at the 1.251 resistance area. Sellers returned to take price action back towards the 1.216 support level, yet buying activity remains. Momentum indicators have stalled in bearish territory, despite recovering from oversold conditions.

 

 

 

USD/CHF

The USD/CHF pair plummeted towards the 0.953 support level only to rebound, once again, back to the 0.961 resistance line, which represented a key support level previously. Momentum indicators have upward trajectories in support of bullish sentiment with MACD breaking the zero line to the upside. 

 

 

 

USD/CAD

The USD/CAD sell-off was short-lived as buyers’ appetite remains, with a rebound from the ascending trendline. Whether price action will make it back to the 1.450 will depend on fundamental factors and the conviction of buyers.  Momentum indicators have moved away from overbought conditions. 

 

 

 

SILVER

The Silver revival appears to have stalled at the 14.30 resistance line where a series of doji candles have gathered. There appears to be a marginal bearish bias as price action has broken below the 14.30 price area. Momentum indicators have also stalled in bearish territory. 

 

 

 

GOLD

Gold has stalled at the 1609.97 support level, with sellers beginning to build momentum, which may result in a bearish break of the resistance area. Momentum indicators are mixed with RSI stalling in neutral/bullish territory yet MACD has an upward trajectory.  

 

 

 

 

OIL

WTI prices remain at all-time lows testing the $20 per barrel range. The 22.76 support level continues to be tested yet a break has not been sustained. Price action will likely flat-line until another round of major news hits the markets. Momentum indicators have flattened in bearish territory with RSI hugging the 30 support level.