A Bearish Reversal Imminent For USD/CAD Pair?

• 10 Feb 2020

USD/JPY

The USD/JPY pair has been unable to reach the 110.19 resistance level with price action stalling after the break of the 109.61 resistance level. However, buyers are still active, which is holding price action in a tight trading range. Momentum indicators have flattened in neutral/bullish territory.

 

 

 

 

 

EUR/USD

The Eurodollar has come under pressure with strong bearish moves taking the pair through a series of support levels, including the 1.096 price line. The move has decelerated with buyers returning to the pair. Momentum indicators remain in bearish territory, with RSI testing the 30 support level.  

 

 

 

GBP/USD

The GBP/USD pair has broken the 1.295 support level with the next target being the 1.280 price area. The break means the pair has moved out of a recent trading range and into a tighter trading range between the 1.280 and the 1.295 price levels. Momentum indicators are moving into sell channels.

 

 

 

USD/CHF

USD/CHF buyers have found support, pushing price action through several resistance areas, to test the 0.978 resistance line. A break is yet to materialize, however, price action moving this resistance are would provide weight to the uptrend. Momentum indicators have sharp upward trajectories in support of the bullish bias.  

 

 

 

USD/CAD

USD/CAD buyers again seem unable to break the 1.330 resistance area as a series of small-bodied/doji candles indicate a period of exhaustion in the uptrend. Buyers made one more attempt to break the price level with no success, as selling pressure remains. Momentum indicators continue to test overbought conditions.  

 

 

 

SILVER

Silver continues to test the 17.73 price area with neither buyers nor sellers impacting price action in the short-term. Currently, without any new and major fundamentals news, price action is likely to remain within this tight trading range. Momentum indicators have downward trajectories.  

 

 

 

GOLD

Gold has once again rebounded from the 1552.64 price level, which has taken price action back towards the 1574.28 resistance level. The metal has been unable to move beyond this price level in recent trading which may signal that the uptrend is coming to an end. Momentum indicators have stalled in bullish territory. 

 

 

 

OIL

WTI is undergoing a bullish reversal, which has resulted in the commodity testing the 51.14 resistance line and pulling back. The pair did not reach the 49.46 support level as buyers returned to the pair. The bearish trend appears to be slowing. Momentum indicators have flattened in oversold conditions.