The USD/JPY pair has bounced back from the 111.81 support level but has stalled short of the 113.26 price level. Momentum indicators have turned bullish, with MACD halting at zero line and RSI flat-lining in neutral/bullish territory.
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The EUR/USD pair has bounced back from the 1.133 price line as price action reversed from the key support area. Momentum indicators are also undergoing a reversal.
The GBP/USD pair has bounced back from the 1.269 price level in a strong bullish move yesterday which has the pair testing the 1.306 price line once again. Momentum indicators are reversing a previous bearish bias.
The USD/CHF pair has broken a key resistance area at the 1.003 price level which has resulted in the return of sellers. MACD has flattened in bullish territory and RSI is pulling back from overbought conditions to confirm the reversal.
The USD/CAD has been volatile in recent trading in response to a volatile oil market. Price action has undergone a bearish reversal to now test the 1.309 price line. Momentum indicators have a somewhat bullish bias.
Silver has broken back above the 14.41 price level in a volatile week for trading for the commodity. The next price target for Silver is the 14.91 price level. Momentum indicators support the bullish bias.
Gold continues to test the 1231.10 price level and buyers may push price action towards the 1241.48 price level. Previous bearish momentum is now being replaced with bullish sentiment.
Oil price continues to break clear support levels and has now cleared the 64.05 price level. The question is whether the bearish sentiment can continue. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI has reaching overbought conditions.