A Bearish Rebound On The Cards For Eurodollar

• 18 Sep 2019

USD/JPY

 

The USD/JPY pair has stalled before reaching the 108.54 resistance level, with buyers still active in the pair. The pair remains strongly bullish with price action most likely to head back towards the resistance level. Momentum indicators are bullish; with MACD breaking the zero line yet RSI has flattened just below overbought conditions. 

 

 

 

 

 

EUR/USD

 

The Euro is once again testing the descending trendline as a strong bullish move resulted in a recovery in price action. At the same time, the pair is also testing the 1.107 price line which represents a previous support level. Given the history of price action, the most likely course for the pair is downwards. Momentum indicators remain in bearish territory, yet have upward trajectories. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair was unable to break the 1.253 resistance area yet buyers are still active in the pair. The break of the descending trendline may indicate the end of the longer-term downtrend. Momentum indicators are bullish; with MACD breaking the zero line to the upside and RSI approaching overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has rejected the 0.993 resistance line, which represents a real hurdle for buyers, as price action is yet to clear the resistance line in recent trading. 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 yet the 1.323 resistance line appears to be a sticking point for the rally. Momentum indicators are neutral if slightly bullish with MACD testing the zero line and RSI moving into the buying channel. 

 

 

 

SILVER

 

Silver’s previous rally appears to still be alive as despite the metal breaking several support levels, as well as the ascending trendline; buyers have returned. The next price target is, therefore, the 18.17 resistance level. 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. A full bearish reversal has taken place and price action is now languishing just above the 58.14 price level. Momentum indicators are bullish with MACD breaking the zero line to the upside yet RSI has flattened just below the 70 overbought line.