Will USD/CAD Break Out Of Range?

• 18 Apr 2019

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USD/JPY

 

The USD/JPY pair has broken an ascending trendline to the upside as well as the 111.75 price level where price action has stalled. Momentum indicators support the bullish sentiment with MACD breaking the zero line to the upside however, RSI has stalled just below the 70 resistance level. 

 

 

 

 

EUR/USD

 

The EUR/USD pair is once again testing the 1.125 price level which represents a previous support area. A break will send price action towards the 1.119 price level. Momentum indicators are mixed; MACD is approaching the zero line after a bullish momentum reversal and RSI has neutral/bearish position.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the ascending trendline to the downside which may be the first indication of trend reversal. The pair has been moving sideways in recent trading which may continue until further indications from fundamental factors. Momentum indicators have a downward trajectory remaining in bearish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has begun testing the recent price high at the 1.010 level and on each previous occasion, the pair has reversed this position. Momentum indicators are strongly bullish, however, RSI has hit overbought conditions which may serve as further indication that a reversal is imminent. 

 

 

 

 

USD/CAD

 

The USD/CAD pair is oscillating closer to the upper trendline and the 1.335 price level represents a key resistance area for the pair, with a break signifying a potential breakout. Momentum indicators are currently neutral but remain in bullish territory.

 

 

 

SILVER

 

Silver has broken the 15.23 support line and the metal has assumed a new trading range after a recent sell-off. The next target for sellers is the 14.76 price level, however price action has stalled with a series of doji candles indicating indecision. Momentum indicators are bearish with RSI stalling above the 30 oversold line. 

 

 

 

 

GOLD

 

Gold has broken the 1279.66 support level representing the end of the recent rally. The metal has broken out of a trading range between the 1279.66 and 1322.43 price levels which may signify longer-term bearish sentiment. Momentum indicators remain bearish, although RSI is approaching oversold conditions.

 

 

 

 

OIL

 

WTI buyers are beginning to dominate price action with the ascending trendline acting as a strong support for the commodity. WTI has broken the psychological $60 per barrel range, with the next target of $65 per barrel in sight. RSI has broken below the 70 resistance area which may be the first indication that the current rally will not last.   

 

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