Bullish Breakout For USD/CAD Pair

• 4 Oct 2019

USD/JPY

 

The USD/JPY has touched and recovered from the descending trendline as price action oscillates above this level, maintaining the bearish sentiment. Momentum indicators have a sharp downward trajectory, with MACD approaching the zero line and RSI moving into the bearish channel.

 

   

 

 

 

EUR/USD

 

The Eurodollar has recovered; taking price action to break the 1.096 price line. The pair is likely to move back to the trendline which has been a strong resistance area in the past and given its trajectory, sentiment will likely remain bearish. Momentum indicators are returning from strongly bearish positions. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair is now testing the 1.240 resistance line, yet selling pressure has risen. The descending trendline highlights a longer term bearish trend; unsurprising given geopolitical conditions. Momentum indicators are bearish/neutral with MACD heading towards the zero line and RSI flattening at the default line. 

 

 

 

USD/CHF

 

The USD/CHF pair is continuing its rally with price action spiking through the 1.001 resistance level, having cleared the 0.997 resistance line. Selling pressure has risen in recent trading yet price action has continued to climb. Momentum indicators have turned bullish with clear upward trajectories.

 

 

 

 

USD/CAD

 

The USD/CAD pair has undergone a bullish breakout with price action clearing the upper-bound of a symmetrical triangle. The pair is now testing a previous resistance area at the 1.333 price level which on previous occasions, has resulted in a pullback in price action. Momentum indicators have bullish trajectories. 

 

 

 

SILVER

 

Silver has broken the 17.42 resistance area as well as the ascending trendline, which continues to act as a support level. The metal has entered into a symmetrical triangle pattern and is approaching the apex where a breakout is likely. Momentum indicators remain in bearish territory with MACD breaking the zero line to the downside.

 

 

 

 

GOLD

 

Gold has broken both the 1485.27 price level as well as the ascending trendline, which is acting as a support level for the metal. Despite a rise in selling pressure after the break, price action has continued towards the 1523.89 price level. Momentum indicators are languishing in neutral territory. 

 

 

 

 

OIL

 

WTI price is now testing a key support area at $52 per barrel price area. Despite a spike lower towards the $50 per barrel range, price action settled around the 52.17 price level. The commodity is sensitive to geopolitical developments and hence volatility will likely continue. Momentum indicators have bearish trajectories, with RSI approaching oversold conditions.