Bearish Reversal Imminent For WTI?

• 17 Sep 2019

USD/JPY

 

The USD/JPY pair has stalled before reaching the 108.14 price level, as a series of Doji candles result in a slowdown in the rally. Whether buyers have the conviction to drive price action towards the resistance level, remains to be seen. Momentum indicators are bullish; with MACD breaking the zero line yet RSI has flattened just below overbought conditions. 

 

 

 

 

 

EUR/USD

 

The Euro has once again fallen back from the descending trendline as the resistance area remains intact. The pullback has also resulted in the break of the 1.102 price level and price action may once again head towards the 1.095 support area. Momentum indicators remain in bearish territory, with further downside potential. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair was unable to break the 1.253 resistance area resulting in the return of sellers to test the 1.240 support level. A break would confirm long-term bearish sentiment and may take price action back to the 1.218 support level and descending trendline. Momentum indicators are mixed; with MACD breaking the zero line and RSI pulling back from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has rejected the 0.993 resistance line, which represents a real hurdle for buyers, as a series of Doji candles mark a slowdown in the rally. The next support level exists at the 0.987 price line. Momentum indicators remain bullish although their trajectory has flattened in recent trading.  

 

 

 

 

USD/CAD

 

The USD/CAD pair continues to rally despite a rise in selling pressure in recent trading. The pair may head towards the 1.330 resistance line. Momentum indicators are neutral if slightly bullish with MACD testing the zero line to the upside and RSI moving into the buying channel. 

 

 

 

SILVER

 

Silver’s extended rally appears to have reversed, with the metal breaking several support levels, as well as the ascending trendline. The break of the trendline appears to have inspired buyers to return to the metal and test the support area once more. Momentum indicators are mixed; with MACD heading towards the zero line yet, RSI is heading back into the buying channel.

 

 

 

 

GOLD

 

Gold continues to test the 1497.19 support level with a series of small-bodied candlesticks indicating indecision, however, overall sentiment appears bearish. The next likely target for price action is the 1448.10 support level. Momentum indicators are neutral if moderately bearish, with MACD heading towards the zero line and RSI flattening at the default line. 

 

 

 

 

OIL

 

WTI price spiked on supply concerns related to recent geopolitical developments. Relative indecision continues in the commodity represented by a long-legged Doji candlestick. Current trading suggests that neither buyers or sellers are dominating price action which can happen ahead of a price reversal. Momentum indicators are bullish with MACD breaking the zero line to the upside yet RSI has reached the 70 overbought line indicating a reversal may be imminent.