Price Floor For Euro And Sterling Rates?

• 4 Sep 2019

USD/JPY

 

The USD/JPY pair is oscillating between the 105.28 and the 106.75 price levels as the 106.75 price level remains as a price ceiling. Horizontal trading within this range will likely continue until some fundamental news influences price action. Momentum indicators have flattened in bearish territory.  

 

 

 

 

 

EUR/USD

 

The Euro continues to suffer from a strong sell-off in recent trading, taking price action to break the 1.095 support level which represents a multi-year low. The break was short-lived, however, as price action recovered to turn bullish. Momentum indicators remain in bearish territory, however, RSI has reached oversold conditions. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.203 support line which on previous occasions, has resulted in a bullish rebound in price action. The next target for price action is the 1.218 resistance line. Momentum indicators remain bearish falling just short of oversold conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has fallen just short of the 0.993 resistance level, resulting in a break of the 0.987 support level. The bearish move represents a break of a week of bullish price action. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI approaching overbought conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has begun to move away from the 1.330 price level and despite selling pressure, buyers appear to be gaining traction. Price action spiked towards the 1.337 resistance level, but fell back. Momentum indicators are bullish with further upside potential.  

 

 

 

SILVER

 

Silver has broken several resistance levels in the current rally and the metal has now reached multi-year highs. Price action has spiked through the 19.34 resistance level yet has pulled back. Another key resistance area remains at the 19.66 price level. Momentum indicators remain bullish, moving beyond overbought conditions.

 

 

 

 

GOLD

 

Gold also appears to be pulling back from the extended rally and is no longer testing the ascending trendline. Buyers are still active in the metal which appears to have more of a sideways trajectory. Momentum indicators remain bullish but also have a sideways trajectory.  

 

 

 

 

OIL

 

WTI has broken the 54.92 support line and rebounded from the descending trendline, which continues to act as a strong support for the commodity in recent trading. The volatility will likely continue until the price stabilizes around the $50-55 per barrel mark. Momentum indicators have flattened in bearish territory.