Buyers Return To WTI

• 9 Sep 2019

USD/JPY

 

The USD/JPY pair has struggled to move passed the 106.75 price level which has developed as a key resistance area. A series of doji candles have followed the break indicating a lack of conviction from buyers. The next resistance line for the pair is the 107.16 price level which has acted as a support area in the past. Momentum indicators have turned more positive with MACD heading towards the zero line and RSI moving into the buying channel.

 

 

 

 

 

EUR/USD

 

The Euro has stalled at the 1.102 resistance level with a series of doji candles and rising selling pressure. Therefore, the price reversal appears to have been short-lived. Given the trajectory of price action, sellers may dominate enough to push the pair back towards the 1.095 support level. Geopolitical tensions will result in more volatility in the pair going forward. Momentum indicators remain in bearish territory. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has rebounded, breaking the 1.218 resistance level. However, the pair has been unable to reach the 1.240 resistance level (a previous support level) as sellers returned. Price action may oscillate within the 1.218 and 1.240 trading range. Momentum indicators have turned sharply bullish with MACD heading towards the zero line and RSI heading into the buying channel. 

 

 

 

USD/CHF

 

Buyers have returned to the USD/CHF pair as a longer-term bullish trend begins to form. The next target for buyers will be the 0.993 price level which represents a key resistance area for the pair. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI moving into the buying channel. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken several support levels to the downside and is now approaching the 1.313 support level. There is some deceleration in the bearish move with buyers returning after the break. Momentum indicators have a downward trajectory with MACD approaching the zero line and RSI moving into the selling channel.  

 

 

 

SILVER

 

Silver’s extended rally appears to have reversed, with the metal breaking several support levels, taking price action to test the 18.17 price level. Momentum indicators are also reversing from strongly bullish positions with MACD heading towards the zero line and RSI breaking the 70 resistance line with a sharp downward trajectory.  

 

 

 

 

GOLD

 

Gold is testing the 1497.19 support level after a strong bearish move in the metal. Buyers still appear active in the pair which has resulted in a stall in price action before a break of this support level. Momentum indicators are pulling back from bullish positions with RSI moving away from the 70 resistance level.   

 

 

 

 

OIL

 

WTI remains volatile in the face of ever-changing macroeconomic conditions. The commodity has been unable to break the 56.69 resistance level in recent trading, yet continues to test this price level. Despite a spike through this price area, buyers have still been held back with no clear break. Momentum indicators are bullish with MACD approaching the zero line and RSI moving into the buying channel.