US Dollar Under Pressure Once Again

• 15 Jul 2019

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USD/JPY

 

The USD/JPY pair has broken the descending trendline and has rebounded from the 108.78 resistance line, to test the 108.07 support line once again. The dollar appears unable to find sustained support as favour lies with the Yen. Momentum indicators remain in bearish territory but do, however, have upward trajectories.  

 

 

 

 

EUR/USD

 

The EUR/USD buyers’ appetite has returned, taking price action to break the 1.125 resistance line. The next resistance line is at the 1.130 price area. Momentum indicators are mixed with MACD forming a downward trajectory (although is lagging) with RSI turning more bullish. 

 

 

 

 
 GBP/USD

 

The GBP/USD has finally made a recovery and is once again targeting a recent price low at the 1.260. How long the positive sentiment can last for the Pound is dependent on fundamental factors. Both MACD and RSI appear to be beginning momentum reversals specifically as RSI has reverted from oversold conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair’s rally has proven short-lived as dollar weakness remains. The 0.990 resistance line has proven to be a sticking point as bearish sentiment takes over. Momentum indicators have retracted from their bullish trajectories.

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a horizontal trading pattern where neither buyers nor sellers are dominating the pair’s direction after an extended bearish period. Momentum indicators remain bearish although have flattened in oversold territory. 

 

 

 

SILVER

 

Silver appears to moving horizontally as price action builds around the 15.23 price level. A slight bearish trend is noticeable and may gather strength going forward, however, if dollar weakness continues bullish momentum may gather. Momentum indicators remain in bullish territory with downward trajectories.

 

 

 

 

GOLD

 

Selling pressure keeps Gold languishing around the 1416 price level. After an extended rally the metal has stalled, oscillating within a tight trading range. Again, fundamental factors are likely to be more influential than any technical signals. Momentum indicators have pulled back from bullish conditions.

 

 

 

 

OIL

 

WTI has once again broken the $60 per barrel range, however, the question remains; can oil price stabilise here? The commodity is yet to do so. Momentum indicators support bullish sentiment with further upside potential, despite RSI approaching overbought conditions. 

 

 

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