USD/CAD Rally Is Underway

• 17 Jun 2019

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USD/JPY

 

The USD/JPY pair has dropped below the 108.78 price level and has essentially flat-lined just below this resistance level with a series of doji candles. The pair is likely to remain in this neutral zone until some fundamental news elicits a response from buyers or sellers. Momentum indicators appear to be bullish which could be the first indication of a change in trend for the pair. 

 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken a resistance level at the 1.125 price level after a significant sell-off at the end of last week. The pair has since rebounded from the 1.119 price level with some return of buyers. Whether buyers have the conviction to send price action towards the 1.125 price level, once more, remains to be seen. Momentum indicators remain in bearish territory but appear to be turning less negative. 

 

 

 

 
 GBP/USD

 

The 1.260 price level represents a strong support area for the GBP/USD pair as price action continues to test this price level with previous occasions resulting in a bullish rebound. Buyers appear to be active in early trading. Momentum indicators are in bearish territory, however,  RSI has reached oversold conditions and the trajectory on MACD is turning less negative. However, with the absence of positive fundamental news the pair is likely to languish at lows not seen since the beginning of the year.

 

 

 

USD/CHF

 

The USD/CHF pair has broken the 0.990 price level to the upside and price action continues to test the 0.997 resistance area, without a clear break. The next target for buyers is the 1.001 price level as a bullish bias appears to be gaining traction. A bullish momentum reversal is underway on MACD and RSI is pulling away from bearish/oversold conditions.

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the ascending trendline to the upside and is headed towards the 1.345 resistance line after a strong bullish move to end the previous week. Momentum indicators support the bullish bias with MACD heading back towards the zero line and RSI maintaining an upward trajectory to break the default line.  

 

 

 

SILVER

 

Silver is being held up at the 14.76 price level as sellers struggle to sustain a break of the support line, despite heavy selling pressure. A new trend may be developing to replace a previous sustained downtrend. Momentum indicators are bullish with MACD breaking the zero line and RSI continuing a bullish trajectory. 

 

 

 

 

GOLD

 

Gold has found resistance at the 1339.49 price level which also represents a recent price high. A pullback was short-lived as the metal tests the previous price high once more. A stall keeps price action at this resistance line despite strong selling pressure denoted by long upper shadows. Momentum indicators suggest that the commodity is overbought with MACD flattening in bullish territory and RSI testing the 70 overbought line. 

 

 

 

 

OIL

 

WTI sellers have taken price action to the $50 per barrel mark where buyers soon returned. However, the rally has been short-lived with sellers again dominating price action, taking the commodity back to the lower bound of the $50 per barrel range. Volatility will likely continue. Momentum indicators have stalled in bearish territory.

 

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