Yen Buyers Continue To Dominate

• 3 Jan 2019

USD/JPY

 

 

The USD/JPY pair has broken the 108.73 support level to the downside where buyers have returned applying upward pressure. Momentum indicators have turned sharply bearish with MACD and RSI breaking key support levels.

 

   

 

 

EUR/USD

 

 

The EUR/USD pair has once again bounced back from the ascending trendline with bullish momentum. The next target for buyers is the 1.145 price level where the pair will likely remain in the 1.129 and 1.145 trading range. Momentum indicators have turned bullish with MACD breaking the zero line. 

 

 
 
 
 GBP/USD

 

 

The GBP/USD pair has broken the 1.269 price level to the downside as selling pressure has risen. In recent trading, the pair has struggled to move beyond this key resistance area. Momentum indicators have maintained an overall upward trajectory with MACD approaching the zero line. 

 

 

 

 

USD/CHF

 

The USD/CHF pair has broken the 0.986 resistance level, which has been met with a return of sellers. The next target for sellers is the 0.997 price level. Momentum indicators are neutral if slightly bearish with RSI bouncing back from the 30 support level.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair continues to climb away from the ascending trendline which has developed as a clear support line for the pair. Momentum indicators remain bullish; with MACD extending its position into bullish territory and RSI breaking the 70 resistance level. 

 

 

 

SILVER

 

Silver has stalled before reaching the 15.69 price level as bullish price action begins to slow and a series of doji candles suggest waning appetite from buyers. Momentum indicators remain bullish with rising volume. 

 

 

 

 

GOLD

 

 

Gold has broken a long-term resistance area at the 1258.20 price level and is now approaching a price high of 1303.94. Whether price action is able to reach this resistance area remains to be seen as momentum appears to be waning. RSI has also broken the 70 resistance area. 

 

 

 

 

OIL

 

 

Oil’s recovery was short-lived as WTI begins to level out around $45 per barrel. Momentum indicators have begun a moderate bullish reversal, with volume rising. The rise in bullish sentiment has not yet filtered through to price action.