Oil Has Entered Into A Downtrend

• 23 Aug 2018

 

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USD/JPY

The USD/JPY pair has broken the 110.65 price level, this time to the upside. Momentum indicators appear to be undergoing a reversal with RSI bouncing off the 30 support level and MACD approaching the zero line.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair has reached and broken, the 1.164 resistance line. However, the break appears to have been met with selling pressure. Momentum indicators are mixed; MACD is undergoing a momentum reversal and RSI has a turned bearish.

 

 

 

 

 

GBP/USD

The GBP/USD pair appears to be making a bullish recovery. Price action has broken the descending trendline and the next target for buyers is the 1.306 price level. MACD is undergoing a momentum reversal and RSI has broken the 30 support level with an upward trajectory.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair hasn’t provided any meaningful break of the 0.993 price level. Therefore, the pair has fallen below the 0.993 price level which has been a strong resistance area for the pair in recent trading. The pair is now testing the descending trendline. RSI has bounced back from the 30 support level.

 

 

 

 

 

USD/CAD

The USD/CAD pair has established the 1.309 price level as a sticking point. The break of the 1.302 price level appears to have been short-lived. The pair has turned towards the ascending trendline, which represents a long-term bullish trend for the pair, indicating the recent break was merely a retracement. Momentum indicators appear more bullish.

 

 

 

 

 

SILVER

After a large sell- off in the pair last week, Silver appears to be recovering from extremely bearish conditions. However a series of doji candles followed by a bearish move in today’s trading suggest the recovery could be short-lived. MACD however, remains in a strongly bearish position and volume has risen into the bearish move today.

 

 

 

 

GOLD

Gold has appears to be maintaining a bullish bias after a morning star doji at the bottom of the recent bearish move signaled the beginning of an rally. The move has culminated in a break of the descending trendline. MACD is undergoing a bullish momentum reversal and RSI has broken the 30 support level to the upside.

 

 

 

 

 

OIL

Oil appears to be testing the descending trendline which has proven to be a strong resistance area for the pair. Although buyers are attempting a recovery after the break of a recent trading range it seems likely they will be rejected at the trendline (which has been the case in three previous occasions). Momentum indicators are bullish.