WTI Crude edged below $49 a barrel during Monday’s trading session as rising crude outputs and drilling in the United States nullified OPEC’s efforts to stabilizing the saturated oil markets. Although some investors remain cautiously optimistic over OPEC extending the supply cut deal this year, the threat of U.S Shale’s incessant pumping undermining the cartel’s agreement to cut production may expose oil markets to further downside shocks.

From a technical standpoint, WTI remains bearish on the daily charts with sellers in the process of taking advantage of the technical bounce to send prices lower. Previous support at $50 could transform into a dynamic resistance that encourages a selloff towards $47.00. In an alternative scenario, bears may lose their grip if prices break and find stability above $50.

Dollar Index hovers above 99.00

The Greenback was pressured on Monday with prices struggling around 99.00 as the terrible combination of soft economic data from the States and overall uncertainty enticed sellers to attack. With first-quarter US economic growth decelerating this year as inflationary pressures impact consumer spending, the Dollar could remain pressured moving forward. Much attention will be directed towards the Federal Reserve meeting on Wednesday and NFP on Friday which both may be classified as event risks.

From a technical standpoint, the Dollar Index is bearish on the daily charts. Prices are trading below the daily 20 SMA while the MACD has crossed to the downside. A breakdown and daily close below 98.80 could open a path towards 97.50. In an alternative scenario, if bulls manage to clear 99.30, then the upside could open a path towards 100.00.

GBPJPY turns heavily bullish

The renewed appetite for risk has eroded appetite for safe-haven assets with the Japanese Yen coming under renewed selling pressure. Bullish investors have utilized Yen’s weakness to elevate the GBPJPY to levels not seen since January 2017 at 144.50. While bulls may be commended on their ability to propel the GBPJPY to such levels, gains could still be limited if the Brexit jitters create another wave of uncertainty.

From a technical standpoint, there have been consistently higher highs and higher lows while prices are trading above the daily 20 SMA. A breakout and daily close above 144.50 could open a path higher towards 147.00. Bulls remain in firm control above 140.00.

Silver on the back foot

Silver remains on the back foot with sellers sending prices below $17.00 as of writing. The bullish channel has been broken, with the consistently lower lows and lower highs on the daily charts turning the metal bearish. Previous support around $17.75 may transform into a dynamic resistance that encourages a further decline towards $16.80. Although bears remain in firm control, a vulnerable Dollar could still offer Silver bulls some sort of a lifeline.

EURGBP attempts to close the gap

The EURGBP resides in a messy range on the weekly timeframe with prices searching for direction. Political developments in France coupled with the Brexit woes have sparked explosive levels of volatility on the pair. This battle between bulls and bears may come to an end once a critical support or resistance has been breached. An intraday breakout above 0.8500 could encourage bulls to send prices towards the stubborn 0.8600 resistance. On the other hand, repeated weakness below 0.8300 may provide permission for sellers to send the EURGBP lower towards 0.8100.