Major Peers Gain Ground Over U.S. Dollar

• 18 Nov 2019

USD/JPY

 

The USD/JPY pair has once again bounced back from the ascending trendline and is now testing the 108.83 resistance line. Sentiment has turned bullish in keeping with a longer term uptrend. Momentum indicators have flattened in bullish territory.

 

    

 

 

 

EUR/USD

 

The Eurodollar has also made a recovery breaking back above the ascending trendline as buyers return. The next target is the 1.107 resistance level. A break would provide weight to a longer term uptrend. Momentum indicators have begun upward trajectories.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to hug the ascending trendline as bullish sentiment continues. Consecutive doji candles indicate a lack of conviction however buyers still appear to have the edge. The trading range between the 1.274- 1.295 price levels will likely remain intact. Momentum indicators remain in bullish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair is testing the 0.989 support level as well as the ascending trendline. On each previous occasion that the pair has tested the ascending trendline, a bullish reversal has taken place. Momentum indicators are neutral if slightly bullish, with MACD bouncing along the zero line and RSI moving into the buy channel.  

 

 

 

 

USD/CAD

 

The USD/CAD pair’s break of the 1.323 resistance level was short-lived as sellers returned to push price action back towards the 1.319 support level. The overall trend is bullish, therefore it remains to be seen whether the move is a pullback or a trend change. Momentum indicators remain in bullish territory, yet RSI is pulling back from overbought conditions.

 

 

 

SILVER

 

Silver has broken several support levels with the bearish move decelerating when price action met the ascending trendline. The metal has now stalled at the 16.85 support level. A series of small-bodied candles suggest indecision from traders. Price action has oscillated within a tight trading range between the 16.85- 18.09 price levels in recent trading. Momentum indicators remain in bearish territory.

 

 

 

 

GOLD

 

Bearish momentum has reverted from the 1446.82 support level acts as the new obstacle for Gold sellers. Buyers have since returned and yet so far, have been unable to drive price action back towards the 1485.27 resistance level. A series of small-bodied candles indicate lack of appetite from buyers. Momentum indicators remain in bearish territory. 

 

 

 

 

OIL

 

WTI price action has returned to test the 57.96 price level which represents a strong resistance area for the commodity. Price momentum had been building around the 56.76 support level, resulting in a strong bullish move. Momentum indicators have flattened in bullish territory.