USDCAD Pair Touches Key Support Area

• 6 Jul 2020

USD/JPY

The USD/JPY pair has oscillated between the 105.93 and 107.93 price levels in recent trading and the pair has returned once again to test the 107.93 resistance level. However, each previous attempt to break at this price level has failed. Momentum indicators have upward trajectories.

 

 

 

 

 

EUR/USD

Eurodollar buyers remain active in recent trading, and a break has materialised after a series of doji candles indicated indecision. The tightening of the price range suggests that a breakout could be imminent. The next target is the 1.137 resistance line. Momentum indicators are beginning to flatten out in bullish territory.

 

 

 

 

 

GBP/USD

The GBP/USD pair has rebounded from the 1.221 support line as buyers have returned to the pair. The 1.221- 1.261 trading range is therefore likely to remain intact, as buyers appear to lack conviction with price action has stalling mid-rally. Momentum indicators have flattened in neutral territory.

 

 

 

 

 

USD/CHF

The USD/CHF pair has once again failed at the 0.951 price level as sellers have returned. Oscillations have narrowed and a series of bearish doji candles indicate a slowdown, which may signify a potential breakout. A longer-term downtrend has been established and a break would mean the return to Covid outbreak levels. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD continues to test the 1.354 support level after a breakaway attempt was contained by sellers. A longer-term downtrend has been established and it appears that buyers have lost steam. A break of this support level would see a return to Covid outbreak levels. Momentum indicators remain in bearish territory. 

 

 

 

 

 

GOLD

Gold has a moderate upward trajectory in price action. Doji candles indicate that the rally is losing steam and may not continue. We might expect a pullback towards the ascending trendline if bullish sentiment continues to be subdued. Momentum indicators remain in bullish territory with RSI flattening just below the 70 resistance level.

 

 

 

 

 

OIL

WTI appears to be making another attempt at the 41.40 resistance line despite scant conviction from buyers. A bullish flag pattern appears to be forming which is generally a continuation pattern. A break would be required for the pattern to be sustained. Momentum indicators have flattened in bullish territory.