Asia- Pacific Currencies Active At Start Of Trading Week

• 11 Dec 2017

SILVER

Silver continues to make a recovery from a previous sell-off with price action indicating a trend reversal. A bullish candle which has cleared the lower Bollinger band in today’s trading session, indicates a change in sentiment. RSI has also moved from oversold conditions to test the 30 support level to the upside.

EUR/JPY

The trend reversal has continued for the EUR/JPY pair and is approaching the 134.21 price level. A break of the zero line on MACD to the upside indicates that momentum is bullish for the pair. However, RSI is approaching overbought conditions and if price action is able to move beyond a near-term resistance area at the 133.81 level, the next target will be the market top at 134.21.

 AUD/USD

AUD/USD has broken the lower Bollinger band with a doji candle signalling the bottom of the market. RSI also reflects a change in momentum and MACD has turned less negative. The next resistance level for the pair is the 0.754 price line and a break of this level would provide weight to the uptrend.

 AUD/NZD

The Australian Dollar has come under pressure from the NZ Dollar; breaking the 1.099 price level which represented a strong support level for the pair. Momentum indicators suggest that there is further downside for the pair and the next obvious price target for sellers is the 1.084 price line.