Dollar Continues Weakness Against Major Peers

• 21 Jun 2019

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USD/JPY

 

Dollar weakness has sent the USD/JPY pair further into bearish territory to break the 107.61 support level.  This support level represents a recent low and a price level that has not been touched since a sell-off in January. Momentum indicators are bearish however, RSI has broken the 30 oversold level which on previous occasions has resulted in a momentum reversal. 

 

 

 

 

 

EUR/USD

 

The EUR/USD pair has once again returned to the 1.130 price level as buyers returned after price action rejected the 1.119 support level.  Once this price has breached previously, sellers have returned to take price action back to a previous trading range. Momentum indicators are bullish, extending into bullish territory.

 

 

 

 
 GBP/USD

 

A price reversal is underway for the GBP/USD pair after a break of the 1.260 price level has taken price action towards the 1.271 resistance line. A break of this resistance level would represent the end of bearish sentiment that has dominated since May of this year. Momentum indicators reflect the bullish sentiment with upward trajectories.

 

 

 

USD/CHF

 

The USD/CHF pair is now testing the 0.980 support level, as the dollar continues to suffer. The next support level is the 0.974 as sellers appear to be dominating the pair. Momentum indicators have extended into bearish territory with RSI once again approaching oversold conditions.

 

 

 

 

USD/CAD

 

The USD/CAD pair has failed to create a meaningful break of the ascending trendline and sellers have returned to push price action back to the 1.312 support level. Momentum indicators have turned sharply bearish with MACD extending into bearish territory and RSI testing the 30 oversold zone.  

 

 

 

SILVER

 

Silver has gained traction as buyers take price action to break the 15.42 price level. The next resistance line is the 15.71 price level which represents a return to a previous trading range between the 15.42 and 16.06 price levels. Momentum indicators are bullish with MACD breaking the zero line and RSI breaking the overbought 70 resistance line. 

 

 

 

 

GOLD

 

Gold has found buyers with considerable conviction taking price action well beyond recent price highs and despite a slowdown in yesterday’s trading the appetite from buyers remains strong. MACD has extended into bullish territory and RSI has pushed beyond the 70 overbought zone.  

 

 

 

 

OIL

 

WTI has found support in recent trading as geopolitical issues have highlighted potential supply issues. As such this has resulted in price action returning towards the $57 per barrel range. A break of this resistance level is significant as price action returns to a recent trading range. Momentum indicators are bullish. 

 

 

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