Bearish Reversal Underway For The Pound?

• 20 Nov 2019

USD/JPY

 

The USD/JPY pair has broken the ascending trendline as well as the 108.46 support level. This may signal the end of the rally as price action appears to be moving horizontally. A key support level exists at the 108.06 price line. Momentum indicators have downward trajectories.

 

    

 

 

 

EUR/USD

 

The Eurodollar recovery appears short-lived as sellers returned to take price action back to the ascending trendline. The 1.107 resistance line is now acting as a key hurdle for buyers. Momentum indicators have climbed into neutral territory while price action will likely be driven by fundamentals. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the ascending trendline in the first indication that the rally is coming to an end. A pullback to the 1.288 support line provides weight to the downtrend indicating bearish reversal is underway. Momentum indicators remain in bullish territory, however, both are moving away from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair is testing the 0.989 resistance level as well as the ascending trendline. Given the small bodied candles and tighter oscillations, we may anticipate a breakout for the pair. On each previous occasion that the pair has tested the ascending trendline, a bullish reversal has taken place. Momentum indicators are neutral.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has seen the return of buyers, in emphatic style, with a break of the 1.323 resistance line and now a test of the 1.328 resistance area. The rally appears to be gaining momentum despite a few pullbacks. A key target is the 1.333 resistance level and a break would be significant. Momentum indicators have sharp upward trajectories.

 

 

 

SILVER

 

Silver is following the trajectory of the ascending trendline as small-bodied candles hug the support level. It appears that for the time being, price action will remain within the 16.83 and 17.42 price levels. Momentum indicators are returning from oversold conditions and approaching the midline.

 

 

 

 

GOLD

 

Buyers have returned to the metal, as price action climbs, testing a new resistance area at the 1468.50 price level. Small- bodied candles suggest there is not strong conviction behind the move, however, the commodity has returned to a previous trading range. The 1485.27 resistance area is in sight. Momentum indicators are beginning bullish trajectories. 

 

 

 

 

OIL

 

WTI price action has undergone a strong sell-off in the last two trading sessions, resulting in a break of the 55.68 support level. The move may represent a short-term pullback in an otherwise longer term uptrend. A doji candle after the break indicates a stall in the sell-off. Momentum indicators have bearish trajectories.