GBP/USD Pair Tests Key Resistance Area

• 20 Sep 2019

USD/JPY

 

The USD/JPY pair has fallen back before reaching the 108.54 resistance level. The pair may now approach the ascending trendline which represents a reversal of the rally. Momentum indicators are bullish; with MACD flattening above the zero line yet RSI has pulled away from overbought conditions. 

 

 

 

 

 

EUR/USD

 

The Euro is once again being reigned in by the descending trendline, which represents a price ceiling for the pair in recent trading. A bearish breakout may be imminent as the pair moves towards the apex of a descending triangle which will likely take price action towards the 1.095 support level. Momentum indicators have stalled in bearish territory. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has been unable to break the 1.253 resistance area in recent trading. Geopolitical events are likely to impact the pair going forward. Momentum indicators are bullish; with MACD breaking the zero line and RSI approaching overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has reversed the break of the 0.993 resistance line with bearish price action rising, taking the pair back below the resistance level. The next target is therefore the 0.987 support line. Momentum indicators remain in bullish territory although RSI suggests that a bearish reversal is underway.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has once again pulled back from the 1.330 resistance line and a trading range between the 1.233 and 1.330 price levels may be established. Momentum indicators have flattened in neutral/bullish territory with MACD testing the zero line and RSI moving into the buying channel. 

 

 

 

SILVER

 

Silver’s price volatility has been narrowed where oscillations in price action have become tighter moving into a tighter trading range between the 17.37 and 18.17 price levels. Currently, neither buyers nor sellers are dominating price action. Momentum indicators are mixed; with MACD heading towards the zero line, however, RSI has flattened in neutral territory.

 

 

 

 

GOLD

 

Gold continues to test the 1497.19 support level with a series of small-bodied candlesticks indicating indecision, with neither buyers nor sellers dominating. The next likely target for price action is the 1448.10 support level. Momentum indicators are neutral, 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 testing the $58 per barrel price area. Momentum indicators are bullish with MACD breaking the zero line to the upside yet RSI has flattened in the bullish channel.