WTI Finds Support Moving Towards $60 Per Barrel Mark

• 14 Nov 2019

USD/JPY

 

The USD/JPY pair has reverted after testing the 109.25 resistance level. Sentiment has turned bearish with the pair now testing the 108.83 price level. Another support level for the pair is represented by the ascending trendline, where price action seems set to return. Momentum indicators have begun downward trajectories.

 

    

 

 

 

EUR/USD

 

The Eurodollar has continued to sell-off taking price action back to break both the 1.102 support level and the ascending trendline. The break has been met with a series of doji candles indicating waning interest from sellers. Momentum indicators have sharp downward trajectories supporting the bearish bias.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to hug the ascending trendline as bullish sentiment continues. Consecutive doji candles indicate indecision as price action is neither dominated by buyers or sellers. The trading range between the 1.274- 1.295 price levels will likely remain intact. Momentum indicators are pulling back from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair is testing the 0.989 support level after bouncing back from the ascending trendline. The next target for buyers is the 0.993. Momentum indicators are neutral if slightly bearish, with MACD bouncing along the zero line and RSI moving into the sell channel.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.323 resistance level after a sustained rally in the pair. The next target is the 1.328 resistance level given the fact that 7 of the last 9 trading sessions have been bullish. Momentum indicators have upward trajectories, with MACD breaking the zero line to the upside and RSI approaching overbought conditions.

 

 

 

SILVER

 

Silver has broken several support levels with the bearish move decelerating when price action met the ascending trendline. The metal has now stalled at the 16.85 support level. The metal has oscillated within a tight trading range between the 16.85- 18.09 price levels in recent trading. Momentum indicators remain in bearish territory with RSI is flattening at oversold conditions.

 

 

 

 

GOLD

 

Bearish momentum has slowed as the 1446.82 support level acts as the new obstacle for Gold sellers. The price level represents a break in a previous uptrend where buyers lost steam. A series of doji candles suggest that sellers are also taking a break at this support level. Momentum indicators have decelerated in bearish territory. 

 

 

 

 

OIL

 

WTI price action has returned to test the 57.96 price level which represents a strong resistance area for the commodity. Previous tests have resulted in strong pullbacks as WTI remains in the $50 per barrel range. Momentum indicators remain in bullish territory.