The Pound Has Broken A Key Resistance Level

• 16 Oct 2019

USD/JPY

 

The USD/JPY pair is stuck at the 108.83 resistance line which has inspired the return of sellers. The pair has not moved beyond this resistance area for the last 5 months. Price action is likely to remain in the 108 price range. Momentum indicators reflect the bullish sentiment, although momentum is turning away from overbought conditions.

 

   

 

 

 

EUR/USD

 

The Eurodollar is heading towards the 1.107 resistance line, with the ascending trendline acting as a support level for the pair. There is still some indecision in the pair as denoted by the small bodied candles which has resulted in the pair stalling between two price levels. Momentum indicators are turning more bullish.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair is testing the 1.274 resistance line and a moderate break has been met with the return of sellers.  The next target for sellers is the 1.257 support level. Momentum indicators are bullish, however, RSI has pulled back from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has moved passed the 0.997 resistance level as the rally continues and buyers begin to build traction. The question is whether buyers can push price action towards the 1.001 resistance line, where bearish rebounds have previously taken place. Momentum indicators have flattened in bullish territory. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has returned to test the 1.319 support level, which on several occasions has resulted in a bullish rebound. Price action is likely to oscillate between the 1.314 and 1.333 price levels, which represent a recent trading range. Momentum indicators are languishing in neutral territory. 

 

 

 

SILVER

 

Silver is testing the upperbound of a symmetrical triangle indicating a bullish breakout is imminent, as a continuation of a previous uptrend. Price action will likely pull away from the 17.42 support level. Momentum indicators remain in bearish territory.

 

 

 

 

GOLD

 

Gold has been trading horizontally, within a tight trading range recently. Price action has broken the ascending trendline, which indicates sentiment has turned bearish. Price action continues to test the 1485.27 support level. Momentum indicators remain in neutral/bearish territory. 

 

 

 

 

OIL

 

WTI price volatility continues with another break of the 54.44 price line. Price action is now testing the 53.27 support level with another strong support present at the 52.17 price level. Momentum indicators have a moderate upward trajectory.