Breakout Imminent For The Eurodollar

• 14 Dec 2018

USD/JPY

 

 

The USD/JPY pair has entered into a symmetrical triangle pattern and is now approaching the upper trendline of the pattern, as buyers return to the pair. The pair is yet to reach the apex of the triangle at which point a breakout is expected. Momentum indicators are mixed with MACD approaching the zero line and RSI is neutral.

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has also developed into a sharp symmetrical triangle pattern, which remains intact despite recent selling pressure. Buyers have returned to test the upper trendline and the pair is coming closer to a breakout. Momentum indicators have turned more bullish.

 

 
 
 
 GBP/USD

 

 

The GBP/USD pair has made a strong recovery after reaching a new price low. Now the pair is approaching the 1.269 price level which represents a previous price floor. Momentum indicators are turning less bearish; with MACD undergoing a momentum reversal and RSI reversing from the 30 support level.

 

 

 

 

USD/CHF

 

The USD/CHF pair has bounced back from the 0.986 price level as buyers returned when price action hit this key support area. Price action is now approaching the previous 0.997 price level. A new trading range may develop between these two price levels. Momentum indicators are neutral if slightly bearish.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair continues to test the ascending trendline and the 1.334 price level which represents a previous price high. Price action is yet to break these two levels in a meaningful way. Momentum indicators are bullish; with MACD extending its position into bullish territory and RSI bouncing along just beneath the 70 resistance level. 

 

 

 

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. Buyers have returned to the metal to break the 14.41 price level. Momentum indicators have turned bullish with MACD breaking the zero line and RSI has begun a sharp upward trajectory.

 

 

 

 

GOLD

 

 

Gold has broken the 1241.48 price level and the next resistance area for the metal is the 1258.20 price level. Momentum has stalled just above the 1241.48 price level, however, indicators remain bullish with MACD extending its position from the zero line and RSI remaining just below the 70 resistance line. 

 

 

 

 

OIL

 

 

Oil has made a mild recovery after an extended sell-off and now appears to be consolidating with a string of doji candles. Both sellers and buyers appear to be active. Momentum indicators are beginning a bullish momentum reversal.