Sterling Reversal Imminent?

• 22 May 2019

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USD/JPY

 

The USD/JPY pair is testing the 110.63 price level as the Dollar begins to make a recovery and buyers return. The next target for buyers will be the 111.75 price level. Momentum indicators support the bullish sentiment with both MACD and RSI undergoing momentum reversals.

 

 

 

 

EUR/USD

 

The EUR/USD pair is languishing in ‘no man’s land’ within the 1.113 and 1.119 trading range. A series of small bodied candlesticks highlight indecision in the pair. Momentum indicators remain in bearish territory with MACD extending into negative territory and RSI flattening just above the 30 support level. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has hit a support level at the 1.271 price level which may result in the pair bouncing back in a bullish direction, it is however, only a moderate support level. Momentum indicators suggest a potential reversal with RSI flattening in oversold conditions, however, MACD appears to be extending into bearish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back to the 1.010 price level and price action has stalled just below this resistance level. The overall, longer-term trend for the pair is bullish and therefore a break of the resistance line would provide further confirmation of the bullish bias. Momentum indicators are mixed with MACD approaching the zero line and RSI climbing away from oversold conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has found strong resistance around the 1.345 price level and as such price action has begun to fall away from the resistance level maintaining the 1.330- 1.345 trading range. Momentum indicators have turned more bearish with MACD heading towards the zero line and RSI moving further into bearish territory. 

 

 

 

SILVER

 

Silver sellers have pushed price action to break the 14.76 price level and descending trendline once again. Further, price action has broken the 14.51 support level. There are signs that this break has prompted the return of buyers as MACD begins to reverse position and RSI bounces along the oversold conditions. 

 

 

 

 

GOLD

 

Gold is maintaining the bearish trend over the longer term. The metal has pulled back to the 1279.66 support level where price action has stalled. Momentum indicators have turned bearish; with MACD extending its position below the zero line and RSI beginning a bearish trajectory towards the 30 support level. 

 

 

 

 

OIL

 

WTI buyers had a short run as sellers have begun to win the battle of price action. A series of small-bodied candles indicate that bearish sentiment is moderate and that sellers lack conviction. The next support line is the ascending trendline. MACD has flattened at the zero line and RSI has stalled in bullish territory.

 

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