Eurodollar Sellers Return

  • 28 May 2019

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The USD/JPY pair breaks another support line at the 109.78 price level as the Dollar fails to recover. The next support level is the 108.78 price line where price action has tended to recover on previous occasions. Momentum indicators are bullish; with MACD approaching the zero line to the upside and RSI rebounding from the 30 support level. 








The EUR/USD pair's break of the descending trendline and 1.119 price level was short-lived as the trendline remain somewhat intact as a resistance area. The next logical direction for the pair is the 1.113 price level given the longer-term downtrend. However, fundamental factors are defying technical in this pair. Momentum indicators are moderately bearish. 






The GBP/USD pair has bounced back from the 1.260 support level, yet the pair has rejected the 1.271 price level. The bearish sentiment may return with only one bullish candle in 12 days of trading. Momentum indicators have stalled in bearish territory.






The USD/CHF pair has pulled back to break the ascending trendline, which is significant, as each time the pair has tested this support level, price action has bounced back in a bullish direction. However, buyers have returned at the 1.001 support level although selling pressure remains. Momentum indicators are beginning bullish reversals. 







The USD/CAD pair has broken the 1.345 resistance level, however, breaks generally result in a pullback in price action, to maintain the 1.330- 1.345 trading range. The pair is consolidating with a horizontal trend around the 1.345 price level and it will require fundamental factors to motivate a break out of this range. Momentum indicators remain moderately bullish. 






Silver sellers continue to dominate price action in the long-term as the metal has oscillated in a bearish direction since February. The descending trendline represents a key resistance level for the metal, which price action has failed to break on a number of occasions, despite the current test. Momentum indicators are undergoing a reversal with a bullish bias. 







Gold has found support resulting in a break of the 1279.66 price level with the descending trendline in sight. Bullish momentum seems subdued with indicators representing falling flat; MACD has flattened just below the zero line with RSI stalling just below the default line. 







WTI buyers returned once price action reached the 57.44 support level and now price action is likely to stabilise at the $60 per barrel range. Momentum indicators suggest sentiment remains bearish; with RSI continuing a downward trajectory and MACD extending further into bearish territory. 


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