The USD/JPY pair has dropped below the 108.78 price level as the Dollar continues to be weak against the Yen. Despite the return of buyers, the pair has been unable to break this resistance line. Momentum indicators support the bullish sentiment; with both MACD and RSI undergoing bullish momentum reversals.
The EUR/USD pair has broken a resistance level at the 1.130 price level which has resulted in the return of sellers. At present, the mostly likely course of price action is to return to the 1.125 support level. RSI is showing a slowdown in the uptrend; pulling away from overbought conditions. MACD continues to support bullish sentiment.
The 1.260 price level represents a strong support area for the GBP/USD pair as a bullish reversal has taken price action to the 1.271 support line. This has proven to be a strong resistance area for the pair as price action has struggled to break this area. Momentum indicators have a bullish trajectory.
The USD/CHF pair has broken the 0.990 price level to the upside and price action is headed towards the 0.997 resistance area. A bullish momentum reversal is underway on both MACD and RSI as indicators pull away from bearish/oversold conditions.
The USD/CAD pair has reversed the previous bearish sentiment to break both the 1.330 price level with buyers eyeing the 1.335 resistance line. Momentum indicators have stalled in bearish territory and, at present, seem to be lagging behind price action.
Silver is being held up at the 14.76 price level as sellers struggle to sustain a break of the support line. A sustained rally has represented a strong recovery for the commodity, although the commodity has not returned to a previous trading range. Momentum indicators have stalled in neutral territory with MACD testing the zero line and RSI flat at the default line.
Gold has found resistance at the 1339.49 price level which also represents a recent price high. The pullback has resulted in the return of buyers which may take price action back to the 1339.49 resistance line once again. Momentum indicators have stalled in bullish territory and RSI has broken the 70 overbought line to the downside.
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 to the $51 per barrel range. Volatility will likely continue. Momentum indicators have stalled in bearish territory.
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