WTI Sellers Dominate Price Action

• 2 Dec 2019

USD/JPY

 

The USD/JPY pair continues to test the 109.61 resistance level, which is a price area the pair has not reached since the end of May. Despite rising activity from buyers, the pair is yet to break the resistance line. Momentum indicators have have sharp bullish trajectories, yet RSI is approaching overbought conditions.

 

    

 

 

 

EUR/USD

 

The Eurodollar has spiked through and retraced from the ascending trendline to take price action above the 1.102 resistance level once again. The trendline remains intact as a support level lending further weight to the uptrend. Momentum indicators are bearish. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has begun to trade horizontally, with oscillations narrowing within a tighter trading range, as price action hugs the 1.288 support area. The 1.295 resistance line remains a hurdle for the pair. When price action takes this pattern, a breakout may be imminent. Momentum indicators remain in bullish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has now moved to test the 1.001 resistance area and despite a spike through the price level, the pair pulled back to close beneath resistance area. This price area remains as a significant hurdle for the pair with rejections on several occasions.  Momentum indicators have upward trajectories, yet RSI is approaching overbought conditions.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has stalled after a strong rally, with price action retracing to test the ascending trendline once again. This move has since inspired the return of buyers. The question is whether price can move beyond the 1.328 resistance level which has represented an obstacle to buyers in recent trading. Momentum indicators have stalled in bullish territory.

 

 

 

SILVER

 

Silver has broken the ascending trendline to the downside, although there appears to be little conviction from sellers. A series of small-bodied candles represent uncertainty and low volatility with price action remaining in the 16.83- 17.42 range. Momentum indicators remain in bearish territory. 

 

 

 

 

GOLD

 

Neither buyers or sellers are really influencing price action in a meaningful way, however, sellers have the edge resulting in price action returning to the 1446.82 support level. This support level represents an exhaustion area which sellers have struggled to push through on a previous occasion. Momentum indicators remain in bearish territory. 

 

 

 

 

OIL

 

WTI price action continues to be volatile, with a strong moves by both buyers and sellers. The most recent move was dominated by sellers, with several breaks of support levels taking price action to the $55 per barrel level. Overall, in the longer-term, the trend is bullish. Momentum have bearish trajectories.