Oil Sell-off Provides Support For USD/CAD

• 9 Nov 2018

USD/JPY

 

The USD/JPY pair has stalled just before the 114.19 price level and sellers appear to have returned to the pair. Momentum indicators remain bullish with upward trajectories, however, RSI is approaching overbought conditions. 

 

 

 

EUR/USD

 

The EUR/USD pair is volatile within the trading range between the 1.129 and the 1.153 price levels. A descending trendline has resulted in the pullback of price action as sellers return. Momentum indicators remain in bearish conditions. 

 

 
 
 
 GBP/USD

 

The GBP/USD pair continues to test the 1.306 price level which has developed as a key support area going forward. Momentum indicators have a bullish bias with MACD on the verge of breaking the zero line.

Impact event: UK GDP data will be released at 09:30 GMT and will impact all GBP pairs.

 

 

 

 

USD/CHF

 

The USD/CHF pair has extended its position and is testing a previous price high at the 1.008 resistance line having retraced from an ascending trendline. MACD has extended its bullish position whilst RSI continues to bounce along the 70 resistance line. 

 

 

 

 

USD/CAD

 

The USD/CAD has returned to test the 1.316 price level after once again rejecting the ascending trendline. Clearly, a break would prove significant. Momentum indicators are bullish with further upside potential for RSI.

 

 

 

SILVER

 

Silver has returned to test the 14.41 price level as price action begins to establish a new trading range between the 14.41 and 14.91 price levels. Momentum indicators are neutral with MACD flattening at the zero line and RSI breaking the default line. Volume has been climbing into the bearish move which may indicate sellers are starting to dominate.

 

 

 

 

GOLD

 

Gold has rejected the 1231.10 price level and begun to return towards the 1209.70 price level. Momentum indicators have turned more bearish with MACD heading towards the zero line and RSI approaching the default line.  

 

 

 

 

OIL

 

Oil price continues to break clear support levels and is now heading towards the 59.83 price level. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI extending into overbought conditions with a break of the 30 support level.