Strong Bearish Breakout For USD/CAD Pair

• 5 Dec 2019

USD/JPY

 

The USD/JPY pair has stalled at the 108.83 support level where the pair is also testing the ascending trendline. It appears the ascending trendline still represents a strong support area and that a rebound is a strong possibility. Momentum indicators have stalled in bullish territory. 

 

    

 

 

 

EUR/USD

 

The Eurodollar has stalled at the 1.107 resistance level, as selling pressure has risen after the break. Despite buying activity, price action has been unable to sustain an approach to the 1.112 resistance line, indicating residual bearish sentiment. Momentum indicators are neutral and fundamental factors are more likely to impact price action. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken a key resistance area at the 1.295 price level. This is significant given the pair has not been beyond this price level since mid-May. The next target will be the 1.309 resistance level, however, with major political events on the horizon, price action is likely to be volatile. Momentum indicators have stalled in bullish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has sold off to take price action through a series of support levels and to break the ascending trendline. A stall has occurred before the pair could reach the 0.985 support level. A break of the ascending trendline is significant considering it held on as support on three previous occasions. Momentum indicators reflect bearish sentiment, languishing/moving into sell channels.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has suffered a sell-off after a significant uptrend, with price action falling through a series of support levels with the most recent being the 1.319 price line. A deceleration in selling activity occurred after the break of the 1.319 support level. Momentum indicators have taken sharp downward trajectories.

 

 

 

SILVER

 

Silver has rebounded to the ascending trendline once again and has rejected the resistance area to return to the 16.85 support level. Tight oscillations and horizontal trading could signal a potential breakout for the metal, which has failed to assume any definitive direction in recent trading. Neither buyers or sellers appear to have the conviction to drive price action. Momentum indicators have upward trajectories.  

 

 

 

 

GOLD

 

Gold buyers appear to have an edge in recent price action, taking the metal back to break the 1468.50 resistance level and back towards the 1485.27. The metal is also heading back towards the descending trendline which has been a key resistance area for the pair. Momentum indicators have upward trajectories. 

 

 

 

 

OIL

 

WTI price action continues to be volatile, with a strong moves by both buyers and sellers. Buyers have determined the direction of price action in recent trading. Strong bullish moves indicate strong conviction from buyers to take price action towards the 58.42 resistance level once again. This is a significant obstacle for buyers and their conviction will be tested at this price level. Momentum indicators remain bullish.