Dollaryen Tests Key Support Area

• 18 Dec 2018

USD/JPY

 

 

The USD/JPY pair has entered into a symmetrical triangle pattern and is testing the lower trendline as well as the 112.82 price level. The pair is yet to reach the apex of the triangle at which point a breakout is expected. Momentum indicators have turned sharply bearish with MACD touching the zero line and RSI is has begun a downward trajectory.

 

 

 

 

EUR/USD

 

 

The EUR/USD pair despite a bearish breakout, has seen the return of buyers after bouncing back from the 1.129 price level. The next target for buyers is the upper trendline and a break would prove significant. Momentum indicators remain neutral.

 

 
 
 
 GBP/USD

 

 

The GBP/USD pair has made a strong recovery after reaching a new price low. Now the pair is heading back towards the 1.269 price level which represents a previous price floor. Momentum indicators remain bearish; with MACD extending below the zero line and RSI stalling just above the 30 support level.

 

 

 

 

USD/CHF

 

The USD/CHF pair has bounced back from the 0.986 price level and has once again rejected the 0.997 resistance level. The 0.986- 0.997 trading range appears to be re-establishing. Momentum indicators appear to be turning more bearish as RSI begins a downward trajectory.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair continues to test the ascending trendline which has developed as a clear support line for the pair. Momentum indicators remain bullish; with MACD extending its position into bullish territory and RSI stalling just beneath the 70 resistance level. 

 

 

 

SILVER

 

Silver has once again stalled before reaching the 14.91 price level sending price action back to the 14.41 support level and this support level may develop as a price floor in the near-term. Momentum indicators have turned bullish with MACD breaking the zero line and RSI approaching the 70 resistance line.

 

 

 

 

GOLD

 

 

Gold has broken the 1241.48 price level and is approaching the next resistance area for the metal at the 1258.20 price level. Momentum indicators have turned bullish with both MACD and RSI resuming upward trajectories. 

 

 

 

 

OIL

 

 

Oil has made a mild recovery after an extended sell-off and now appears to be consolidating with a string of doji candles. There is still some residual bearish momentum and momentum indicators have stalled their bullish trajectory.