Bearish Momentum Returns To Gold

• 14 Oct 2020

USD/JPY

The USD/JPY downtrend continues with a rejection of the 106.05 price level. The pair has now moved to test the 105.29 support level where previous bullish rebounds have taken place. The support level represents a preliminary hurdle before a recent price low at the 104.67 support level. Momentum indicators remain in the neutral zone.  

 

 

 

 

 

EUR/USD

The Eurodollar continues to trace the ascending trendline which currently acting as support as bearish sentiment rises. The pair is also testing the 1.172 support level which may be a signal that the bearish momentum is building. Momentum indicators remain in bearish territory. 

 

 

 

 

 

GBP/USD

The GBP/USD pair has pulled back below the 1.298 resistance level as bullish momentum has faded in the last trading session. Overall, a new rally seems to be forming from a rebound at the 1.274 support level, however, buyers’ conviction will be tested. Momentum indicators have upward trajectories.  

 

 

 

 

 

USD/CHF

The USD/CHF pair has returned to a previous channel of consolidation between the 0.903 and 0.918 price levels. Buyers have returned to the pair in recent trading with the 0.918 ceiling in sight. Long-term, however, favour appears to be with sellers. Momentum indicators have turned bearish. 

 

 

 

 

 

USD/CAD

USD/CAD buyers have returned mid range between the 1.295 and 1.322 price levels. A longer-term bearish trend remains intact despite a recent shorter-term rally. Momentum looks too weak currently to facilitate a trend change.  Momentum indicators are neutral/bearish. 

 

 

 

 

 

GOLD

Gold continues to trace the descending trendline despite attempts by buyers to break the current bearish sentiment. Sellers returned at the 1924.49 resistance level to resume the bearish trajectory. Momentum indicators remain in bearish territory. 

 

 

 

 

 

OIL

WTI continues to oscillate within range between the 36.93 and 41.69 price levels, as the trading range continues to tighten with higher lows; suggesting that a bullish breakout may be on the cards. Activity has risen recently in the pair, however, price momentum remains weak. Momentum indicators remain in neutral/bullish territory.