Eurodollar Makes A Solid Recovery

• 20 Nov 2018

USD/JPY

 

 

The USD/JPY pair has pulled back to break the 112.82 price level as sellers appear to have returned to the pair. The next key support level lies at the 111.81 price level. Momentum indicators reflect the pullback in price action; with MACD approaching the zero line to the downside and RSI crossing the default line.

 

 

 

EUR/USD

 

 

The EUR/USD pair has made a solid recovery from the recent sell-off, to break the 1.142 price level once again. The break of descending trendline, however, is perhaps more significant as bulls appear to be taking control. Momentum is bullish with RSI pulling away breaking the default line to the upside and MACD appears to be undergoing a momentum reversal.

 

 
 
 
 GBP/USD

 

 

Fundamental factors influenced the recent sell-off in the GBP/USD pair, however, a mild recovery has taken place which has price action approaching the 1.292 price level once again. Momentum indicators appear to be turning less negative, though no reversal has been established. The trading range between the 1.269 and 1.330 price levels is likely to remain intact.

 

 

 

 

USD/CHF

 

 

The USD/CHF pair has pulled back from the 1.008 price level and has also broken the ascending trendline to the downside. The pair has also broken the 0.997 price level to the downside. Momentum indicators are bearish; MACD appears to be undergoing a bearish momentum reversal whilst RSI has begun to pull away from the 70 resistance line.

 

 

 

 

USD/CAD

 

 

The USD/CAD has once again pulled back to the 1.316 price level. The pullback has resulted in a test of the ascending trendline which on several previous occasions has resulted in the return of buyers. This appears to be the case again as price action has turned more bullish and Momentum indicators support the upward bias.

 

 

 

SILVER

 

 

Silver has rebounded from the 14.03 price level to maintain a recent trading range between the 14.03 and 14.91 price levels. The pair is now testing the 14.41 price level. Momentum has turned sharply bullish with indicators supporting the rally. The rapid decline in volume may suggest that the rally will be short-lived.

 

 

 

 

GOLD

 

 

Gold has once again undergone a bullish retracement from the ascending trendline at the 1191.58 price level and as a result, is heading towards the 1231.10 price level. Momentum indicators are mixed with MACD approaching the zero line and RSI pulling back from the 30 support level. 

 

 

 

 

OIL

 

 

Oil has retraced after an extended sell-off which now has price action testing the 57.68 price level. Momentum indicators suggest that support for the bearish bias has cooled; with MACD stalling in bearish territory and RSI undergoing a bullish momentum reversal. At the same time, volume has pulled back indicating sellers’ conviction is waning.