Bullish Rebound On The Cards For GBPUSD?

• 3 Nov 2020

USD/JPY

The USD/JPY pair has struggled to move towards some key resistance areas as selling pressure remains in the pair. Currently, price action has stalled mid-range with the next resistance level at the descending trendline. Momentum indicators remain in bearish territory.

 

 

 

 

 

EUR/USD

The Eurodollar is still being held at the 1.160 support level as a number of doji candles indicate that the bearish trend is weakening. Typically, bullish rebounds take place at this price level and buyers have returned in early trading. Momentum indicators are bearish. 

 

 

 

 

 

GBP/USD

The descending trendline continues to be tested as a key support level for the GBPUSD pair. The next few trading sessions will determine the near-term direction for the pair and whether the shorter-term rally will continue. Momentum indicators have flattened in the neutral zone.  

 

 

 

 

 

USD/CHF

The USD/CHF pair has, so far, rejected the 0.918 resistance area, as price spiked through the price line yet buyers were held back. Another attempt will be made and the question is whether buyers have the conviction to drive the break. Momentum indicators have upward trajectories. 

 

 

 

 

 

USD/CAD

The USD/CAD pair suffered a sell-off in early trading which has taken the pair back to the 1.322 support level. The current trading range may not remain intact with the pair returning to a previous range between the 1.302 and 1.322 price levels. Momentum indicators have upward trajectories. 

 

 

 

 

 

GOLD

Gold continues to oscillate within a descending triangle pattern with neither floor or ceiling of the triangle being breached. As oscillations continue to narrow, a breakout seems more likely. Momentum indicators have stalled in the neutral zone. 

 

 

 

 

 

OIL

WTI is rebounding after breaking range. The 34.04 support level halted the sell-off and price action has now returned to a previous range. It will become apparent in the next few trading sessions whether bullish momentum is sufficient to maintain the current trading range. Momentum indicators remain bearish.