Oil Sellers Put The Breaks On

• 23 Oct 2018

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USD/JPY

The USD/JPY pair has bounced back from the 111.81 support line, and bullish price action sends the pair towards the 113.26 price level. Momentum indicators are marginally bullish; MACD has stalled above the zero line and RSI also has an upward trajectory.

 

 

 

 

EUR/USD

The EUR/USD pair has broken the 1.153 price level and price action has teetered around the support area since the break. Momentum indicators remain bearish with MACD stalling below the zero line and RSI approaching oversold conditions at the 30 support level.

 

 

 

 

GBP/USD

Despite bearish momentum, price action for the GBP/USD pair continues to stall just below the support area with signs of conviction from buyers. Volume is stable indicating there is not any significant activity in either direction.

Impact event: Governor Carney speech will be delivered t 15:20 GMT and will impact all GBP pairs.

 

 

USD/CHF

The USD/CHF pair has broken the 0.993 price level in a strong bullish move, however a series of doji candles may suggest that buyers’ appetite is waning. Momentum indicators also suggest that the bullish move may not last, as RSI has hit overbought conditions and MACD has stalled in slightly bullish territory.

 

 

 

 

 

 

USD/CAD

The USD/CAD has broken the 1.309 price level to the upside which has also resulted in a break of the descending trendline. For a clear trend change the pair would need to complete a full break of the resistance area. RSI has a bullish trajectory and MACD has broken the zero line.

 

 

 

 

SILVER

Silver has broken the 14.41 price level yet the move once again seems to have stalled after the break. The next target for buyers is the 14.91 price level. A new price range may have developed between the 14.41 and 14.91 price levels. MACD has just broken the zero line and RSI has a clear bullish trajectory.

 

 

 

 

GOLD

Gold has managed to break the 1209.70 price level, and has now moved to test the 1231.10 price level. However, a series of doji candles may indicate that the previous bullish move has lost steam. Momentum indicators are more subdued; with MACD appearing to reverse from the bullish move and RSI pulling away from overbought conditions.

 

 

 

 

OIL

Oil price has rejected the ascending trendline, falling back to break both the 73.44 and 72.02 support levels. The commodity is now testing the 68.84 price level. Momentum indicators are also reversing; MACD is on the verge of breaking the zero line and RSI is coming close to oversold conditions. A decline in volume does suggest that the bearish move has lost steam.