Pound Sellers Active Ahead Of GDP Data

• 10 Dec 2018

USD/JPY

 

 

The USD/JPY pair has entered into a symmetrical triangle pattern and has broken the lower trendline, having broken the 112.82 price level. Momentum indicators have turned sharply bearish with downward trajectories with RSI fast approaching oversold conditions.

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has begun to climb from the 1.129 price floor as buyers have started to return; which has taken price action towards the 1.142 price level. Momentum indicators have turned sharply bullish with upward trajectories. 

 

 
 
 
 GBP/USD

 

 

Fundamental factors influenced the recent sell-off in the GBP/USD pair and these factors continue to put pressure on the Pound, as the pair tests the 1.269 price level which remains the floor of a recent trading range. Momentum indicators are moderately bearish with MACD remaining below the zero line and RSI flattening just above the 30 level.

 

 

 

 

USD/CHF

 

The 0.997 price level has suffered a break with the USD/CHF pair heading towards the 0.986 price level which represents a previous resistance area. Volume has climbed into the bearish move, indicating strong conviction from sellers. MACD is approaching the zero line and RSI is approaching the 30 support level.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has broken the ascending trendline and the 1.334 price level which represents a previous price high. The break was met with the immediate return of sellers, resulting in a break of the trendline and a move back towards the 1.326 price level. Momentum indicators indicate deceleration in bullish momentum with RSI pulling back from overbought conditions. 

 

 

 

SILVER

 

Silver has rebounded from the 14.03 price level to maintain a recent trading range between the 14.03 and 14.91 price levels. Buyers have returned to the metal to break the 14.41 price level. Momentum indicators have turned bullish and volume has climbed into the move. 

 

 

 

 

GOLD

 

 

Gold has broken the 1241.48 price level and the next resistance area for the metal is the 1258.20 price level. Momentum indicators have turned sharply bullish, with MACD breaking the zero line and RSI approaching the 70 resistance area. 

 

 

 

 

OIL

 

 

Oil has made a mild recovery after an extended sell-off and now appears to be consolidating. However, sellers are still very much still active. MACD appears to be undergoing a momentum reversal and RSI has broken the 30 support level.