WTI Sinks To $52 Per Barrel Range

• 3 Oct 2019

USD/JPY

 

The USD/JPY pair has once again rejected the 108.46 price level after price action spiked to the resistance line and fell back. This resistance area appears to be a sticking point for the pair as buyers have been unable to push beyond this point for the time being. The next likely move is back to the descending trendline. Momentum indicators have a sharp downward trajectory. 

 

   

 

 

 

EUR/USD

 

The Eurodollar has recovered; taking price action back towards the 1.096 price line which has been a support area on previous occasions. Given the trajectory of the trendline, the overall direction for the pair is bearish and the trendline will likely remain as a strong resistance area. Momentum indicators are returning from strongly bearish positions. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to test the 1.228 support level which remains a sticking point for the sellers, who lack the conviction to push prices lower. The descending trendline highlights a longer term bearish trend; unsurprising given geopolitical conditions. Momentum indicators have a bearish/neutral trajectory. 

 

 

 

USD/CHF

 

The USD/CHF pair is continuing its rally with price action spiking through the 1.001 resistance level and now testing the 0.997 resistance line. Selling pressure has risen in recent trading yet price action has continued to climb. Momentum indicators have turned bullish territory, with clear upward trajectories.

 

 

 

 

USD/CAD

 

The USD/CAD pair has undergone a bullish breakout with price action clearing the upper-bound of a symmetrical triangle. The pair has now reached a previous resistance area at the 1.333 price level which on previous occasions has resulted in a rebound in price action. Momentum indicators have bullish trajectories. 

 

 

 

SILVER

 

Silver has broken the 17.42 resistance area as well as the ascending trendline, which has previously acted as a support level. A previous rally seems to have reversed with a new bearish trend forming; denoted by the descending trendline, which will continue to act as a resistance area for the metal. Momentum indicators remain in bearish territory with MACD breaking the zero line to the downside.

 

 

 

 

GOLD

 

Gold has broken both the 1485.27 price level as well as the ascending trendline, which has inspired the return of buyers. The 1523.89 price level may be the next target for the metal which will likely remain in the 1485.27- 1531.98 trading range. Momentum indicators are neutral/bearish. 

 

 

 

 

OIL

 

A full bearish reversal has taken place after a spike in price action and WTI price is now languishing at the $52 per barrel price area. The bearish break of the ascending trendline is significant as on numerous previous occasions, price action has rebounded from this support area. Momentum indicators have bearish trajectories.