Bullish Reversal On The Cards For GBP/USD Pair?

• 10 Sep 2020

USD/JPY

USD/JPY oscillations have narrowed and the pair has now flattened along the 106.05 support level. A long-term downtrend has been established since mid-March, therefore we expect any breakouts to follow long-term sentiment. Momentum indicators have stalled in neutral territory.  

 

 

 

 

 

EUR/USD

The Eurodollar is currently remaining in range between the 1.172-1.192 price levels. Given the series of tests of the price ceiling in this range we may expect a bullish break going forward. Oscillations are cycling with higher lows indicating favour lies with buyers. Momentum indicators have downward trajectories.

 

 

 

 

 

GBP/USD

GBP/USD buyers returned at the ascending trendline which has represented a previous support level. Price action may now head back to the 1.311 support level as the longer-term uptrend remains intact. Momentum indicators have  sharp downward trajectories.

 

 

 

 

 

USD/CHF

The USD/CHF pair failed to break the descending trendline as sellers returned to establish a bearish retracement.  Price action is likely to approach the 0.903 support level once again as the retracement provides weight to the downtrend. Momentum indicators have stalled in neutral territory. 

 

 

 

 

 

USD/CAD

USD/CAD buyers have rejected the 1.322 resistance level as sellers have returned to drive price action away from the resistance area. The longer-term downtrend remains intact and therefore the strong bearish sentiment is set to continue. Momentum indicators have upward trajectories. 

 

 

 

 

 

GOLD

Small-bodied candles are hugging the ascending trendline as price action remains bullish. The metal is moving closer to the apex of an ascending triangle, where we can anticipate a bullish breakout due to the continuation pattern. Momentum indicators have flattened in neutral/bullish territory. 

 

 

 

 

 

OIL

WTI buyers have returned in early trading before the pair could reach the 35.15 support level. Price action will likely remain in the $30 per barrel range unless there are changes to supply and demand fundamentals. Momentum indicators are bearish with RSI testing the 30 support level.