Pound Struggles To Move Beyond Key Resistance Level

• 5 Nov 2019

USD/JPY

 

The USD/JPY pair has rebounded from a key support area at the 108.06 price level. As such, the pair is now testing the 108.83 resistance line which has proved a sticking point in the past. The pair is yet to move out of the 108 price range. Momentum indicators have pulled back from bullish territory.

 

   

 

 

 

EUR/USD

 

The Eurodollar continues to test the ascending trendline as sellers dominate price action in recent trading. At the same time, the 1.112 support level is stalling the downward movement of the pair. Until now, price action has been unable to break the trendline indicating the next move for price action will be bullish. Momentum indicators are pulling back from bullish positions.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair has reached an obstacle in the form of the 1.295 resistance level. Moderate selling pressure has taken price action back towards the 1.288 support level. The move could indicate the end of the rally. Momentum indicators have flattened in bullish territory with RSI continuing to test overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has broken both the ascending trendline and the 0.989 support level. However, price action has rebounded from the 0.985 support level and has turned more bullish. Momentum indicators remain in bearish territory with upturned trajectories.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has stalled mid-rally as selling pressure begins to rise for the pair. Price action has broken back below the 1.314 support level but is yet to reach the 1.312 support level. Momentum indicators are also undergoing moderate bullish reversals.

 

 

 

SILVER

 

Silver continues to test the ascending trendline and despite price spiking through the support level, a break is yet to take place. Despite the bullish sentiment continuing, the 18.09 resistance line has proved an obstacle, with buyers seemingly losing conviction. Momentum indicators have established upward trajectories.

 

 

 

 

GOLD

 

Gold has failed to clear the 1508.26 resistance line after the break. The metal continues to test the ascending trendline but, once again, buyers lack the conviction to drive the break. As such, price action has a horizontal trajectory. Momentum indicators are moderately bullish. 

 

 

 

 

OIL

 

WTI has spiked through the 56.78 resistance line yet price action has pushed back below the resistance level. The next support level for the commodity is the 55.68 price line. The 56.76 price level represents a ceiling where conviction from buyers is beginning to wane. Momentum indicators have bullish trajectories.