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The Pound Recovers Ahead Of BOE Rate Decision
The USD/JPY pair is recovering after a strong bearish move appears to have been replaced with bullish sentiment. Price action appears to have stalled below the 111.81 price level, once again. Momentum indicators are neutral if slightly bullish.
Impact event: US CPI Data will be released at 12:30 GMT and will impact all US Dollar pairs.
The EUR/USD pair continues to test the 1.164 resistance level as the pair enters into a new trading range between the 1.153 and 1.179 price levels. Momentum indicators are mixed; with MACD breaking the zero line yet RSI remains neutral.
Impact event: ECB Interest Rate decision at 11:45 GMT will impact all Euro pairs.
The GBP/USD pair’s bullish recovery is again underway and buyers have returned to test the 1.306 price level. MACD has broken the zero line and RSI has a sharp upward trajectory.
Impact event: Bank Of England Interest Rate decision at 11:00 GMT will impact all GBP pairs.
The USD/CHF pair has begun to move away from a key support level at the 0.963 price line, as buyers seem to have returned to the pair. MACD is beginning a bullish momentum reversal however, RSI remains in a bearish position.
The USD/CAD pair has broken a resistance line at the 1.302 price level after a series of strongly bearish moves for the pair. Price action has taken a breather after the recent break, however, the next target for sellers will be the 1.294 price level. MACD has broken the zero line to the upside and RSI has turned bearish.
Silver has experienced a break to the downside of the descending triangle which confirms the bearish bias. A series of doji candles may indicate a rest period in the longer-term bearish trend. MACD has extended its bearish position.
The recent bullish move has culminated in a break of the descending trendline and price action is now consolidating just below the 1209.70 support level. A series of doji candles indicates indecision from traders. Momentum indicators have turned bullish.
Oil has broken the key 68.84 price level and has tested the ascending trendline. Whether buyers will have the conviction to push price action towards the 72.62 price level remains to be seen. Momentum indicators are moderately bullish.
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