A New Trend Establishing For USD/JPY?

• 30 Nov 2018

USD/JPY

 

 

The USD/JPY pair has stalled at the 113.54 price level despite a break in yesterday’s trading. After reaching a price high at the 114.53 level, the pair appears to be entering into a moderate downtrend. The near-term direction for the pair may be determined by whether the 113.54 price level has undergone a clear break. The bearish momentum appears to be decelerating; with downward trajectories. 

 

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has rebounded from the descending trendline once again indicating that this may be a new support area for the pair. Buyers returned after price action touched the trendline and now the pair is approaching the 1.142 resistance area. Momentum indicators appear to support the bullish bias with both MACD and RSI forming upward trajectories. 

Impact event: Eurozone CPI data will be released at 10:00 GMT and will impact all Euro pairs. 

 

 
 
 
 GBP/USD

 

 

Fundamental factors influenced the recent sell-off in the GBP/USD pair and these factors continue to put pressure on the Pound. The pair is consolidating mid trading range where the 1.269 price level remains the floor. Momentum indicators remain moderately bearish with MACD remaining below the zero line and RSI bouncing around in bearish territory.

 

 

 

 

USD/CHF

 

 

The USD/CHF pair has broken back below the 0.997 price level and given that price action has broken the descending trendline to the downside, momentum appears to be with sellers. Despite this, the 0.997 price level appears to be a sticking point for the pair. Momentum indicators have turned sharply bearish with MACD approaching the zero line and RSI breaking the default line.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has reached the apex of an ascending triangle and a bullish breakout is underway. Price action has spiked the 1.334 resistance level, but was unable to break the price level. The ascending trendline will remain a key support are for future price action. RSI is once again approaching overbought conditions and MACD remains in strongly bullish territory. 

 

 

 

SILVER

 

 

Silver has rebounded from the 14.03 price level to maintain a recent trading range between the 14.03 and 14.91 price levels. The metal continues to test the 14.03 floor although a break seems unlikely as neither buyers or sellers are dominating the commodity. Momentum indicators are moderately bearish and volume has climbed yet price action is consolidating within range. 

 

 

 

 

GOLD

 

 

Gold has once again undergone a bullish retracement from the ascending trendline but in recent trading has pulled back to the 1209.70 price level. Momentum indicators appear to be flat-lining with no bias in either direction. The metal will likely head back towards the ascending trendline where buyers will return.  

 

 

 

 

OIL

 

 

Oil appears to have entered into a descending flag pattern, with price action making small retracements followed by strong sell-offs. MACD continues to extend into bearish territory and RSI continues to bounce along just beneath the 30 support level. Volume has spiked once again as the tussle between buyers and sellers continues, however, sellers still dominate the commodity.