Positive Sentiment Provides Support For The Pound

• 16 Jan 2019

USD/JPY

 

 

The USD/JPY pair appears to be gaining some bullish momentum. Price action appears to be testing the 108.73 price level after series of doji candles. The sentiment appears moderate and there are no real indications of a potential breakout. MACD has begun a bullish reversal and RSI has broken the zero line to the upside.

 

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has retraced to break the 1.145 price level which may take price action back towards the ascending trendline. Momentum indicators reflect the bearish sentiment; as MACD appears to be undergoing a momentum reversal and RSI has begun a downward trajectory. 

 

 
 
 
 GBP/USD

 

 

The GBP/USD pair has made a recovery and strong bullish moves have resulted in the pair moving to test the 1.292 price level on several occasions, however, price action has been unable to break this resistance level. MACD has broken the zero line which suggests that momentum remains with buyers.

 

 

 

 

USD/CHF

 

The USD/CHF pair has rallied once again to begin a bullish break of the 0.986 resistance line. Momentum indicators have turned bullish with MACD undergoing a bullish momentum reversal and RSI beginning an upward trajectory.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has pulled back from a long-term uptrend and as a result has broken several support levels to reach the 1.316 support level. The break has been met with buying activity which has taken price action back to the 1.326 price level. Momentum indicators are mixed; with MACD remaining bearish and RSI making a bullish recovery.

 

 

 

SILVER

 

A series of doji candles represent indecision as Silver struggles to break through the 15.69 price level. A reversal may be imminent as the pair is unable to break the resistance line. Momentum indicators also suggest a reversal is likely with MACD beginning a momentum reversal and RSI pulling back to break the 70 resistance level. 

 

 

 

 

GOLD

 

 

Gold has also stalled after a significant rally, still falling short of a recent price high of 1303.94. The metal appears to be taking a pause in the rally as denoted by a series of doji candles. Momentum may be turning more bearish as MACD is beginning a momentum reversal and RSI pulls away from overbought conditions.  

 

 

 

 

OIL

 

 

WTI buyers appear to be taking a pause mid-rally as denoted by a series of small-bodied candles where neither buyers nor sellers dominated the trading session. Momentum remains bullish however; with MACD approaching the zero line and and RSI forming an upward trajectory.