Will WTI Go To $60 Per Barrel?

• 19 Feb 2019

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USD/JPY

 

The USD/JPY pair has begun to test the 110.65 price level after a pullback in the rally. A break will send the pair back towards the 111.07 price level which represents a key resistance area. Momentum indicators are bullish with MACD breaking the zero line to the upside and RSI continuing its upward trajectory. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.129 price level as buying pressure has risen sharply. A trading range between the 1.129 and 1.145 price levels has been established. Momentum indicators are bullish with both MACD and RSI beginning momentum reversals. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has met resistance at the 1.292 price level and despite the break of an ascending trendline, buyers appear to lack the conviction to push price action beyond the resistance level. Momentum indicators are mixed confirming that there is no clear directional bias.

 

 

 

USD/CHF

 

A bearish reversal appears to be underway as sellers return to the pair to drive prices back towards the 0.997 support level. RSI has also pulled back from overbought conditions in support of bearish sentiment and selling volume has begun to climb into the move.

 

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a symmetrical triangle with the upper resistance line containing price action currently. As the pair continues to oscillate within a tighter price range a bullish breakout is expected; as resumption of the previous trend. Momentum indicators are neutral. 

 

 

 

SILVER

 

Silver continues to bounce along the 15.69 price level and a new trading range may have been established between the 15.69 and 16.12 price levels. Momentum indicators have assumed a more bearish trajectory and although sellers are dominating their appetite appears to be waning. 

 

 

 

 

GOLD

 

Gold has broken the 1303.94 price level and it appears there is still room for further upside in price action for the metal. Momentum indicators support the rally with MACD extending its bullish position and RSI continuing an upward trajectory (though is approaching overbought conditions).

 

 

 

 

 

OIL

 

WTI buyers have returned with moderate bullish moves to take WTI to the point where it tests a previous resistance line at $55.74 per barrel. The next target will be $60 per barrel at which point prices may stabilise. Momentum indicators are bullish with RSI approaching overbought conditions.