WTI Begins Bullish Reversal

• 4 Nov 2020

USD/JPY

The USD/JPY pair is beginning to move towards the descending trendline and 105.29 price area with the trendline acting as a strong resistance area for the pair. Typically, bearish rebound take place after a test of the trendline as the longer-term bearish trend remains intact. Momentum indicators remain in bearish territory.

 

 

 

 

 

EUR/USD

The Eurodollar attempt to rebound from the 1.160 support level was thwarted by sellers in early trading as the US dollar find s support. The current trading range between the 1.160 and 1.192 price levels will likely remain intact. Momentum indicators are bearish. 

 

 

 

 

 

GBP/USD

The ascending trendline continues to be tested as a key support level for the GBPUSD pair as a bullish rebound in yesterday’s trading indicated renewed conviction from buyers. Early trading seems to favour sellers as bearish pressure has take the pair back to the 1.298 price line. Momentum indicators are neutral.  

 

 

 

 

 

USD/CHF

The USD/CHF pair has, so far, rejected the 0.918 resistance area, yet another attempt is being made by buyers in early trading. Buying pressure remains though conviction appears weak. Momentum indicators have upward trajectories. 

 

 

 

 

 

USD/CAD

The USD/CAD pair has returned to the 1.322 support level after some short-term volatility in recent trading sessions. A return to a previous trading range with the 1.322 price level acting as the floor, may be on the cards, if current bullish momentum continues. Momentum indicators have upward trajectories. 

 

 

 

 

 

GOLD

Gold continues to oscillate within a descending triangle pattern and a short-lived break of the upper trendline resulted in the return of sellers. The closer price action moves to the apex, the more likely a breakout. Momentum indicators have stalled in the neutral/bearish territory. 

 

 

 

 

 

OIL

WTI is undergoing a bullish reversal as buyers have taken price action back above the 36.93 resistance level. Currently momentum is slowing, therefore, we may not expect a test of the 41.69 price level in the near-term. Momentum indicators are beginning to form upward trajectories.