Flag Pattern Forming In Eurodollar

• 23 Jun 2020

USD/JPY

The USD/JPY pair seems set to oscillate between the 105.93 and 107.93 price levels in the near-term. There are currently no signs of dominance from either buyers or sellers. Momentum indicators reflect bearish sentiment with downward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar appears to have entered a downward flag pattern with each bullish attempt by buyers being met with further downside pressure. A test of the 1.124 resistance level has resulted in a rise in selling pressure. Momentum indicators have sharp downward trajectories.

 

 

 

 

 

GBP/USD

The GBP/USD pair will likely continue to oscillate between the 1.221 and 1.261 price levels, as neither buyers or sellers have the conviction to implement a trend change. Momentum indicators have downward trajectories with MACD on the verge of a break of the zero line. 

 

 

 

 

 

USD/CHF

The USD/CHF test of the 0.951 resistance line continues as there is a lack of conviction from both buyers and sellers. The US dollar seems likely to remain subdued at least until some fundamental news drives price action. Momentum indicators have upward trajectories. 

 

 

 

 

 

USD/CAD

The USD/CAD has found support after an extended sell-off, yet the pair cannot find the momentum to move away from the 1.354 support level. Selling pressure has risen yet a break has not been sustained. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

GOLD

Gold buyers have returned and a bullish breakout is underway, with a break of the 1745.74 resistance area. If the break can be sustained the bullish move may find significant support and reestablish the longer-term uptrend. Momentum indicators have upward trajectories.

 

 

 

 

 

OIL

WTI is making another attempt at the 41.40 resistance line although moves are lacking conviction with very few new developments. The $35-40 per barrel range may be a stabilizing price and may represent a longer-term floor and ceiling for the commodity. Momentum indicators are bullish with RSI approaching overbought conditions.