INT
Gold Buyers Start To Dominate Price Action
- 16 Oct 2018
USD/JPY
The USD/JPY pair has bounced back from the 111.81 support line, after a series of doji candles indicate a stall in the bearish move. A momentum reversal is taking place on MACD whilst RSI continues on a downward trajectory.
EUR/USD
The EUR/USD pair has broken the 1.153 price level however, is yet to fully clear this area which represents a strong support. Momentum indicators also appear to be continuing a previous bullish move.
GBP/USD
The GBP/USD pair is once again approaching the ascending trendline around the 1.306 price level. Each time the pair has reached the price area it has bounced back into a bullish direction. Momentum indicators have a somewhat bullish trajectory.
USD/CHF
The USD/CHF pair has returned from testing the 0.993 price level with a series of doji candles stalling price action before a break. Momentum indicators are retracing from a bullish position; with MACD flattening just above the zero line and RSI flattening in overbought conditions.
USD/CAD
The USD/CAD has stalled mid-way through a bullish reversal after having broken the 1.302 resistance level. RSI has reversed its position from oversold conditions and MACD is close to breaking the zero line.
SILVER
Silver has broken the 14.41 price level yet the move once again seems to have stalled after the break. The next target for buyers is the 14.91 price level. MACD appears to be on the verge of a break of the zero line. RSI is moderately bullish.
GOLD
Gold has managed to break the elusive 1209.70 price level, and has now moved to test the 1231.10 price level. Momentum indicators have turned sharply bullish; with MACD breaking the zero line to the upside and RSI approaching overbought conditions.
OIL
Oil price has rejected the ascending trendline, falling back to break both the 73.44 and 72.02 support levels. Buyers are persistent however and the commodity is coming close to the 72.02 price level again. Momentum indicators are also reversing, MACD has become less positive and RSI has pulled back from overbought conditions.
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