The EUR/USD currency pair has been relatively docile for the past week with as the sideways movement highlights the lack of bullish or bearish momentum.
The EUR/USD has for the better part of the last 7 days respected the 1.0948 resistance level with the price crossing above that level very few times before correcting. On the bearish side, the price came from below the 1.0811 resistance early last week but then has not gone below that level and has even been restricted above the 1.0924 support.
The Battle Of The Safe Haven Currencies Leaves The USD/JPY bearish Over The Past 7 Days
It is no secret that the U.S dollar and the Japanese Yen have become the leading safe-haven currencies as more investors look for strong currencies to invest in. Nevertheless, the Yen has been gaining against the U.S dollar, subsequently manifesting as a bearish performance in the USD/JPY pair for the past 7 days.
The USD/JPY has remained well below the 112.03 resistance line. It managed to break through the 10.98 support level on its bear trend as the bears continued to demonstrate their strength.
Weak momentum Leaves The GBP/USD With A Lot Of Sideways Action
The GBP/USD’s performance for the past one week remained relatively sideways as investor confidence dwindled leading to low trading volumes amid the ongoing coronavirus crisis.
The GBP/USD exchange rate remained confined below the 1.2472 resistance line over the past one week and it also respected the 1.2449 support line, thus the sideways price movement.
AUD/USD Locked In Sideways Movement For The Past One Week
The AUD/USD performed sideways for the better part of the last seven days as it lacked the momentum to break the stalemate. The price broke through the 0.6358 resistance level multiple times but each time it lacked the momentum to keep going and thus reverting below. There were also some bearish attempts that saw the price break through the 0.6325 support only for the bears to take push back the price within the weekly range.
Crude Oil Retains Bearish Momentum Over The Past 7 Days
Crude oil bears managed to retain their dominance in the last one week as the industry lacked enough strength to recover from the losses suffered over the past few weeks.
Crude oil prices dropped significantly below the 24.34 level and it remained a strong resistance level for the better part of the week. There was also strong support around the 21.12 level.
Gold Prices Maintain Bullish Momentum In The Last 7 Days
Gold prices remained largely bullish over the past week as investor sentiments on fiat weakened due to poor economic performance.
Prior to the bullish momentum, Gold prices traded below 1652.38 but around midweek the price moved above that level which then became a strong support level. There was also strong resistance around the 1695.01 price level.
USD/CAD’s Weekly Performance Indicates Sideways Movement Due To Low Volume
The USD/CAD exchange rate lacked momentum in the past seven days, thus remaining sideways as trading volumes dwindled due to tough market conditions.
The USD/CAD exchange rate was largely restricted below the 1.4097 resistance level, with strong resistance also demonstrated at the 1.4001 level. There was also strong support at around the 1.3923 price level.