Slow Start To The Trading Week

• 11 May 2020

USD/JPY

The USD/JPY pair has broken back above the 106.62 price level as buyers have found some conviction. The next target is the 107.93 resistance line. Momentum indicators appear to be changing direction and becoming more bullish. 

 

 

 

 

EUR/USD

The Eurodollar is making moderate progress in the recent rally where buyers appear to be present. A target exists at the 1.098 price area though it remains to be seen if buyers have the conviction to drive price action back to this resistance area. The pair seems likely to oscillate between the 1.078 and 1.098 price levels in the near-term.  

 

 

 

 

GBP/USD

The GBP/USD pair may be establishing a new trading range as the 1.261 resistance line represents a recent price ceiling. The pair will likely oscillate between the 1.216 and 1.261 price levels in the near-term. Momentum indicators have flattened in neutral/bearish territory.

 

 

 

USD/CHF

The USD/CHF pair has failed several times at the 0.973 price level. A pullback is underway and it seems likely that the pair will move within the 0.961- 0.973 trading range in the near-term. Momentum indicators are languishing in neutral territory. 

 

 

 

USD/CAD

The USD/CAD pair fails to clear the 1.397 support level for any extended period of time in recent trading. Each bullish move is cancelled out with the return of sellers to drive price action back to the support level and beyond. A rebound also seems likely at the 1.386 support level. 

 

 

 

SILVER

A Silver rally has taken the metal back towards the 15.71 resistance area which represents an obstacle to buyers. On previous occasions, tests of this price level have resulted in a pullback. Momentum indicators are mixed, with RSI forming a sharp upward trajectory as MACD flattens at the zero line.

 

 

 

 

GOLD

Gold has begun to trade in a new range between the 1660 and 1728 price levels. The metal has hugged the 1693 price level in recent trading, moving horizontally. Longer-term, price action shows that an uptrend has been established. 

 

 

 

 

OIL

WTI has finally pushed beyond the 22.76 resistance line yet momentum has stalled as denoted by a series of small-bodied candles. A target exists at the 30.95 resistance area, yet the current trading range will likely remain intact in the near-term. Momentum indicators have upward trajectories.