WTI Drops Almost 7% To Lowest Level in Over A Year

• 21 Nov 2018

USD/JPY

 

 

The recent pullback for the USD/JPY pair appears to have been short-lived. Price action has returned to test the 112.82 price level after the break. Momentum indicators reflect the pullback in price action; with MACD approaching the zero line to the downside and RSI remaining in bearish territory, however, the trajectory has turned more bullish. 

 

 

 

EUR/USD

 

 

The EUR/USD pair suffered another mild sell-off in yesterday;s trading before the pair was able to reach the next key support level at 1.153. The pair is now heading back towards the descending trendline and a break may signal the end of the recent rally. A momentum reversal continues on MACD, however, RSI appears to have turned more bearish. 

 

 
 
 
 GBP/USD

 

 

Fundamental factors influenced the recent sell-off in the GBP/USD pair, however, a mild recovery has taken place. Buyers appear to have been stymied as price action failed to break the 1.292 price level. Momentum indicators have a bearish bias, with MACD extended beyond the zero line and RSI is heading back towards the 30 support level. 

 

 

 

 

USD/CHF

 

 

The USD/CHF pair has broken the 0.997 price level to the downside which appears to have inspired buyers to return to the pair. Momentum indicators are bearish with MACD approaching the zero line and RSI approaching the 30 support level.

 

 

 

 

USD/CAD

 

 

The USD/CAD has bounced back from the ascending trendline with a sharp bullish move in price action. The result of which has been a break of the 1.326 price level and price action is heading towards a recent price top at the 1.334 resistance area. There are however, indications that the pair is overbought, with RSI touching the 70 resistance level and MACD decelerating in bullish territory. 

 

 

 

SILVER

 

 

Silver has rebounded from the 14.03 price level to maintain a recent trading range between the 14.03 and 14.91 price levels. The pair is now testing the 14.41 price level. Momentum has turned bullish with indicators supporting the rally, at the same time, volume has spiked indicating the tussle between buyers and sellers may continue.

 

 

 

 

GOLD

 

 

Gold has once again undergone a bullish retracement from the ascending trendline at the 1191.58 price level and as a result, is heading towards the 1231.10 price level. Momentum indicators are mixed with MACD approaching the zero line and RSI pulling back from the 30 support level. 

 

 

 

 

OIL

 

 

Oil had been attempting a recovery from the large scale sell-off, however, sellers returned emphatically in yesterday’s trading to push WTI further towards the $50/barrel range. Momentum indicators suggest that support for the bearish bias has cooled; with MACD stalling in bearish territory and RSI heading back towards the 30 support level.