Pound Finds Support After Brexit Breakthrough

• 2 Nov 2018

USD/JPY

 

The USD/JPY pair has bounced back from the 111.81 support level but has stalled short of the 113.26 price level. Momentum indicators have turned bullish, with MACD halting at zero line and RSI flat-lining in neutral/bullish territory.

Impact event: Non Farm Payroll report will be released at 12:30 GMT and will impact all US Dollar pairs.

 

 

EUR/USD

 

The EUR/USD pair has bounced back from the 1.133 price line as price action reversed from the key support area. Momentum indicators are also undergoing a reversal.

 

 
 
 
 GBP/USD

 

The GBP/USD pair has bounced back from the 1.269 price level in a strong bullish move yesterday which has the pair testing the 1.306 price line once again. Momentum indicators are reversing a previous bearish bias.

 

 

 

 

USD/CHF

 

The USD/CHF pair has broken a key resistance area at the 1.003 price level which has resulted in the return of sellers. MACD has flattened in bullish territory and RSI is pulling back from overbought conditions to confirm the reversal.

 

 

 

 

USD/CAD

 

The USD/CAD has been volatile in recent trading in response to a volatile oil market. Price action has undergone a bearish reversal to now test the 1.309 price line. Momentum indicators have a somewhat bullish bias.

 

 

 

SILVER

 

Silver has broken back above the 14.41 price level in a volatile week for trading for the commodity. The next price target for Silver is the 14.91 price level. Momentum indicators support the bullish bias.

 

 

 

 

GOLD

 

Gold continues to test the 1231.10 price level and buyers may push price action towards the 1241.48 price level. Previous bearish momentum is now being replaced with bullish sentiment.

 

 

 

 

OIL

 

Oil price continues to break clear support levels and has now cleared the 64.05 price level. The question is whether the bearish sentiment can continue. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI has reaching overbought conditions.