Silver Begins A Bearish Reversal

• 6 Sep 2019

USD/JPY

 

The USD/JPY pair has broken a strong resistance area at the 106.75 price level and is headed towards another resistance area at the 107.16 price line. Price action may resume a previous trading range between the 107.16 and 108.54 price levels. Momentum indicators have turned more positive with MACD heading towards the zero line and RSI moving into the buying channel.

 

 

 

 

 

EUR/USD

 

The Euro has spiked through the 1.107 price level and fallen back to the 1.102 support level. This represents the continuation of a longer-term downtrend for the pair. Geopolitical tensions will result in more volatility in the pair going forward. Momentum indicators remain in bearish territory. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has rebounded, breaking the 1.218 resistance level, taking price action towards the 1.240 resistance line. Momentum indicators have turned sharply bullish with MACD heading towards the zero line and RSI heading into the buying channel. 

 

 

 

USD/CHF

 

Buyers have returned to the USD/CHF pair after a double break of both the 0.987 and 0.981 support levels. Price action has returned towards the 0.987 price level as the pair begins to trade horizontally. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI moving into the buying channel. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.330 and the 1.323 support levels to the downside. There is some deceleration in the bearish move with buyers returning before a break of the 1.320 support level. Once again, the pair has been unable to clear the 1.323 support area. Momentum indicators have a downward trajectory with MACD approaching the zero line and RSI moving into the selling channel.  

 

 

 

SILVER

 

Silver’s extended rally appears to have reversed after the metal reached the 19.67 resistance level. Sellers have returned taking price action to test the 18.63 support level. The next support level is the 18.17 price line. Momentum indicators have also recovered from strongly bullish positions returning to break the 70 resistance line to the downside.  

 

 

 

 

GOLD

 

Gold has broken both the 1549.95 and the 1524.27 support levels, as oscillations become shallower, with a climb in price action. The break has resulted in some deceleration, however, another strong support area lies at the 1497.19 price line. Momentum indicators are pulling back from bullish positions with RSI moving away from the 70 resistance level.   

 

 

 

 

OIL

 

WTI remains volatile in the face of ever-changing macroeconomic conditions. The commodity has been unable to break the 56.69 resistance level in recent trading. Price action has spiked though not cleared this resistance level on several previous occasions. Momentum indicators are bullish with MACD approaching the zero line and RSI moving into the buying channel.