The U.S. Dollar Makes A Recovery

• 27 Mar 2019

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USD/JPY

 

The USD/JPY pair has been revived by a US Dollar recovery which has sent price action back to test the 110.63. Momentum indicators are mixed; with MACD breaking the zero line and RSI beginning a momentum reversal.

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the descending trendline and is testing the 1.125 price level. This represents a key support area for the pair and which on previous occasions had resulted in a bullish reversal. Momentum indicators remain bearish with MACD on the verge of breaking the zero line and RSI in neutral territory. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.319 price level which appears to only represent a pullback in the longer-term uptrend. A series of small- bodied candles indicate relative indecision and fundamental factors are likely to play a big role. Momentum indicators have assumed a neutral, slightly bullish position. 

 

 

 

USD/CHF

 

The USD/CHF pair has broken a series of support levels, as the dollar suffered against the Swiss Franc. A dollar recovery has resulted in the pair heading towards the 0.997 price level. Momentum indicators are mixed; MACD has broken the zero line (although is a lagging indicator) and RSI has begun a bullish reversal. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has tested and failed at the 1.335 price level with sellers returning to bring price action back below the descending trendline. Price action will likely oscillate within these two trendlines until reaching the triangle’s apex. Momentum indicators remain moderately bullish. 

 

 

 

SILVER

 

Silver’s break of the 15.42 price level was short-lived. The metal has been unable to break this resistance area in recent trading and fundamental factors are causing volatility in ‘safe haven’ metals. A trading range remains between the 15.23 and the 15.71 price levels. Momentum indicators are bullish; with MACD on the verge of breaking the zero line and RSI has a clear upward trajectory. 

 

 

 

 

GOLD

 

Gold sellers have returned since the metal hit the 1322.43 price level. The next price target for sellers is the 1306.12, however, given the backdrop of uncertainty in global markets, the metal has been popular given the ‘risk-on’ climate in the markets currently. Momentum indicators support bullish sentiment with MACD breaking the zero line and RSI continuing a bullish trajectory. 

 

 

 

 

OIL

 

WTI buyers are still alive as the commodity continues a moderate uptrend, with several tests of an ascending trendline that has been acting as a support level. WTI is once again testing the $60 per barrel range however given persistent oversupply has struggled to stabilize at this price. RSI also continues to test the 70 overbought area whilst MACD is flat in bullish territory.  

 

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