Bullish Rebound On The Cards For USD/CAD Pair?

• 8 Oct 2020

USD/JPY

The USD/JPY pair has moved to test the range ceiling at the 106.05 price level. This resistance area has proved to be a significant obstacle in the past, generally resulting in a bearish rebound. Momentum indicators are forming upward trajectories.  

 

 

 

 

 

EUR/USD

The Eurodollar rally continues albeit at a more moderate pace. The pair has overcome the 1.172 resistance area yet sellers remain active. Price action is likely to head towards the 1.192 resistance area next. Momentum indicators have upward trajectories. 

 

 

 

 

 

GBP/USD

The GBP/USD pair may remain in range between the 1.274 and 1.298 price levels after sellers returned at the range ceiling. The pair may now consolidate and move sideways in the near-term, as there currently appears to be a lack of appetite from buyers to resume the rally. Momentum indicators have upward trajectories.  

 

 

 

 

 

USD/CHF

The USD/CHF has stalled at the 0.918 support level as buyers have held price action at this support area. The pair may return to a consolidative range between the 0.903 and 0.918 price levels. If buyers find support, we may expect a trend reversal. Momentum indicators have flattened in bullish/neutral territory. 

 

 

 

 

 

USD/CAD

The USD/CAD pair has entered a bullish flag formation, with bullish rebounds at the ascending trendline. The most recent test has indicated that buyers’ conviction currently remains low. The pattern of price action indicates a trend reversal. Momentum indicators have flattened in bullish territory. 

 

 

 

 

 

GOLD

A break of a longer-term ascending trendline indicates sentiment has turned bearish for Gold, at least in the short-term. Oscillations continue with lower highs confirming the bearish trend. The next target is the 1810.10 support level. Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

OIL

WTI has rebounded once again from the 36.93 support level resulting in a break of a mid-range resistance area at the 39.02 price level. Bullish momentum appears to be waning, as a series of small-bodied candles suggest buyers are losing steam to the point that price action may not reach the range ceiling at 43.64. Momentum indicators have flattened in neutral territory.