Bullish Reversal For Silver?

• 14 Feb 2019

 

USD/JPY

 

The USD/JPY pair has rallied to test the 111.07 price level which represents a previous support area for the pair. There are signs that the pair is overbought as RSI approaches the 70 resistance line and therefore a bearish reversal may be imminent. MACD remains bullish.

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.129 price level but again buyers have returned although without any true conviction. There is a chance price action is pushed towards the 1.122 support level. Momentum indicators are bearish and fundamental factors are likely to cause volatility in the pair. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair is touching the ascending trendline and a rebound seems likely given the strength of this support level on previous occasions. Momentum indicators have a downward trajectory with RSI approaching the oversold area. Buying volume has risen.

 

 

 

 

USD/CHF

 

A bearish reversal seems likely as the pair approaches the 1.010 price level where price action has rebounded on previous occasions. Each test of this price level in recent trading has resulted in rising selling pressure. At the same time, RSI has reached overbought conditions. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a symmetrical triangle with progressively higher lows and lower highs. Generally speaking this results in a breakout and represents a continuation pattern of a previous bullish trend. Momentum indicators are turning more bullish.

 

 

 

SILVER

 

Silver has touched and rebounded from the 61.8 Fibo level which may be the bullish reversal which results in the metal returning to the previous uptrend. The 15.53 price level is also a moderate support area which further provides a halt of the bearish pullback.

 

 

 

 

GOLD

 

Gold has broken the 1303.94 price level, yet there is still no strong conviction from buyers to drive price action higher. The metal will likely bounce along this price level as momentum indicators remain subdued although support bullish sentiment. 

 

 

 

 

OIL

 

WTI buyers have returned with moderate bullish moves to take WTI beyond $50 per barrel and a descending trendline. A former support area at 55.74 price level will be a target for buyers. Tight trading conditions are reflected in flattening volume and small- bodied candlesticks.