The USD/CAD Pair Finds Support

• 29 Oct 2020

USD/JPY

USD/JPY buyers have awakened after a break of the 104.53 support area. Currently the break has stalled and given the doji candle in yesterday’s session a bullish reversal may be imminent. Momentum indicators are moving further into bearish territory, with RSI approaching oversold conditions.  

 

 

 

 

 

EUR/USD

The Eurodollar has broken the ascending trendline in the first sign of waning bullish momentum. Price action has since stalled at the 1.172 support level where sellers conviction will be tested. Momentum indicators remain in neutral territory. 

 

 

 

 

 

GBP/USD

The GBP/USD sellers appear to be dominating price action in recent trading yet appetite will be tested at the 1.298 price level which represents a sticking point for the pair. A break would confirm the reversal. Momentum indicators have flattened in the neutral zone.  

 

 

 

 

 

USD/CHF

A USD/CHF rally is beginning to form, albeit at a moderate pace, as some selling activity specifically in yesterday’s session dampened the move. The true test however, will be the 0.918 resistance level, where previous attempts have resulted in a bearish retracement. Momentum indicators have formed upward trajectories. 

 

 

 

 

 

USD/CAD

The USD/CAD pair has finally broken range with string bullish sentiment, returning to a previous range between the 1.322 and 1.343 price levels. The pair has not broken this range since the end of July and significant bullish momentum would be required to do so. Momentum indicators have sharp upward trajectories in support. 

 

 

 

 

 

GOLD

Gold has failed once again at the upper bound on the descending triangle. Several failed tests of this resistance area make a bearish breakout increasingly likely. So far bearish moves have been unable to overcome the 1860 support area. Momentum indicators have stalled in neutral/bearish territory. 

 

 

 

 

 

OIL

WTI has moved to test the range floor at the 36.93 support level. Again, buyers have returned at this level where bullish rebounds have generally taken place in the past. The current trading range is therefore, likely to remain intact. Momentum indicators have assumed bearish/neutral positions.