INT
Could Gold Break Out Of A Recent Trading Range?
- 17 Oct 2018
USD/JPY
The USD/JPY pair has bounced back from the 111.81 support line, as price action appears to be turning bullish. A momentum reversal is taking place on MACD whilst RSI has reversed a previous bearish move.
Impact event: FOMC Meeting Minutes will be released at 18:00 GMT and will impact all USD pairs.
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. MACD appears to be continuing a previous bullish move whilst RSI has stalled in neutral territory.
Impact event: Eurozone CPI data is due to be released at 09:00 GMT and will impact all Euro pairs.
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.
Impact event: U.K. CPI data will be released at 08:30 GMT and will impact GBP pairs.
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 pulling away from a bullish position; with MACD flattening just above the zero line and RSI retracing from overbought conditions.
USD/CAD
The USD/CAD has broken the 1.302 support level, yet has stalled during the bearish move. RSI has a moderate bullish trajectory 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 flattened in neutral conditions.
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