Oil Price Remains Volatile

  • 13 Sep 2019



The USD/JPY pair has broken the 107.16 price level taking price action towards the previous and strong resistance area at the 108.54 price level. Previous breaks of this price level have resulted in a rebound in price action. Momentum indicators have turned more bullish, with MACD breaking the zero line and RSI moving towards overbought conditions.








The Euro has found support and is now approaching the 1.107 resistance level. A break of this resistance level would send price action towards the descending trendline; with a break proving significant. Momentum indicators reflect the bullish sentiment, with MACD heading towards the zero line and RSI reaching the default line. 






The GBP/USD pair has rebounded, breaking the descending trendline and taking price action towards the 1.240 resistance level (a previous support level). A series of doji candles indicate a lack of conviction from buyers to drive price action higher. Momentum indicators have turned sharply bullish with MACD breaking the zero line to the upside and RSI heading into the buying channel. 






The USD/CHF pair has rejected the 0.993 resistance line. On several previous occasions sellers have returned at this resistance area. Momentum indicators remain in bullish territory although their trajectories have flattened. The pullback may be a pause in a longer-term rally.  







The USD/CAD pair has broken several support levels to the downside as well as the ascending trendline. This move has inspired buyers to return to the pair and take price action back above the ascending trendline. Momentum indicators are languishing in bearish territory, although are recovering from oversold conditions. 






Silver's extended rally appears to have reversed, with the metal breaking several support levels, taking price action towards the ascending trendline, which on previous occasions had resulted in a bullish rebound. A series of Doji candles indicate a stall in bearish sentiment. Momentum indicators have flattened in bullish territory.







Gold continues to test the 1497.19 support level despite strong selling pressure. This resistance line remains a sticking point for the Gold. Price action may remain in a tighter trading range between the 1497.19 and 1549.95 price levels. Momentum indicators are mixed with MACD remaining in bullish territory despite a downward trajectory and RSI flattening just below the default line.    







WTI remains volatile in the face of ever-changing macroeconomic conditions. Price action has spiked through the $58 per barrel mark, an almost two-month high. The test has resulted in the return of sellers which has resulted in price action moving to test the 54.92 price level. Momentum indicators have flattened in neutral territory. 





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