Breakout Imminent For USD/CAD Pair?

• 25 Feb 2019

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USD/JPY

 

The USD/JPY pair has stalled at the 61.8 retracement level and price action indicates indecision with neither buyers nor sellers dominating, as a series of doji candles collects at the resistance level. At the same time, RSI has reverted to a downward trajectory, pulling away from overbought conditions.

 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.129 price level after a sharp rise in buying pressure, however, this has been followed by a series of doji candles indicating a pause in the trend. A trading range between the 1.129 and 1.145 price levels has been established. Momentum indicators are both moderately bullish. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to test the 1.306 price level which represents a key resistance area for the pair. Momentum indicators have turned bullish with sharp upward trajectories. It is important to remember the fundamental factors which are currently impacting this pair. 

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back towards the 0.997 price level and has stalled at this support level. RSI has pulled back from overbought conditions and MACD is commencing a bearish reversal. Selling volume has risen in today’s trading.

 

 

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a symmetrical triangle with the upper resistance line containing price action currently. Another failure at the descending trendline resulted in rising selling pressure which has paused at the lower bound of the triangle. The pair is edging closer to the apex, with the probability of a breakout rising. RSI is approaching the 30 support level and MACD remains in bearish territory.

 

 

 

SILVER

 

Silver buyers have returned to push price action towards the 16.12 price level. The result has been a failure at this price high. A new trading range may have been established between the 15.69 and 16.12 price levels. Momentum indicators are moderately bullish, however, RSI is once again approaching overbought conditions. 

 

 

 

 

GOLD

 

Gold is maintaining the bullish trend over the longer term. The metal is languishing in the bullish/buy channel which appears to forming as a trading range, acting as support and resistance. Momentum indicators support bullish sentiment and RSI is returning towards the 70 resistance line. 

 

 

 

 

 

OIL

 

WTI buyers have returned to drive price action to the point where it has broken a previous resistance line at $55.74 per barrel. The next target will be $60 per barrel at which point prices may stabilise. Momentum indicators are bullish with RSI approaching the 70 resistance line. Selling volume has also been declining in recent trading.