The USD/JPY pair has broken the 109.78 support level as buyers return to drive the reversal. The next price target for bulls is the 110.63 price level. Momentum indicators support the bullish reversal with RSI breaking the 30 support level and MACD beginning to climb towards the zero line.
The EUR/USD pair has returned towards the 1.119 support level, as selling pressure has risen in recent trading. The result has been a break of the support level with price action moving back towards a descending trendline. Momentum indicators remain bearish with MACD extending further into negative territory.
The GBP/USD pair has once again broken the 1.289 price level and is now testing a previous support level at the 1.279 price line. Momentum indicators support the bearish sentiment with MACD extending into bearish territory with RSI approaching the 30 support level.
The USD/CHF pair is starting to be dominated by sellers, however, since the break price action has begun climbing back towards the support level once more. Momentum indicators are mixed with MACD approaching the zero line and RSI recovering from oversold conditions.
The USD/CAD pair appears to have stalled at the 1.345 price level with selling pressure rising to take price action below the resistance line. The trading range between the 1.335 and 1.345 price levels will likely be maintained. Momentum indicators appear to be turning more negative despite remaining in bullish territory.
Silver has broken the 14.76 support level indicating the break of a long-term trading range between the 14.76 and 15.23 support levels. Momentum indicators are bearish with RSI approaching the 30 oversold line and MACD extending its bearish position.
Gold has returned back below the 1294.92 resistance level and the descending trendline. Price action is now heading towards the 1279.66 support level in a confirmation of the long-term bearish trend. Momentum indicators are mixed; with MACD approaching the zero line and RSI forming a downward trajectory.
WTI bounced back in a bullish direction after hitting $60 per barrel, climbing towards the $65 per barrel mark once more. The next resistance level is at the 64.56 price line. Momentum indicators are mixed with MACD approaching the zero line and RSI forming an upward trajectory.
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