Silver Tests A Key Long-Term Resistance Level

• 27 May 2019

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USD/JPY

 

The USD/JPY pair breaks another support line at the 109.78 price level as the Dollar fails to recover. The next support level is the 108.78 price line where price action has tended to recover on previous occasions. Momentum indicators are bullish; with MACD approaching the zero line to the upside and RSI rebounding from the 30 support level. 

 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken both the descending trendline and the 1.119 resistance level. The break is somewhat significant as the descending trendline has represented a strong resistance area for the pair. Momentum indicators support bullish sentiment, MACD is turning less negative and RSI has an upward trajectory. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken yet another support level at the 1.271 price line as fundamental factors take hold in the pair. Since touching the 1.260 support level, buyers have returned in what could be a reversal in price action. Momentum indicators have reversed to support the bullish bias, with RSI pulling away from oversold conditions.

 

 

 

USD/CHF

 

The USD/CHF pair has pulled back to break the ascending trendline, which is significant, as each time the pair has tested this support level, price action has bounced back in a bullish direction. However, price has stalled at the 1.001 support level. Momentum indicators are bearish with MACD breaking the zero line and RSI approaching the 30 support level. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken the 1.345 resistance level, however, breaks generally result in a pullback in price action, to maintain the 1.330- 1.345 trading range. The pair is consolidating with a horizontal trend around the 1.345 price level and it will require fundamental factors to motivate a break out of this range. Momentum indicators remain moderately bullish. 

 

 

 

SILVER

 

Silver sellers continue to dominate price action in the long-term as the metal has oscillated in a bearish direction since February. The ascending trendline represents a key resistance level for the metal, which price action has failed to break on a number of occasions, despite the current test. Momentum indicators are undergoing a reversal with a bullish bias. 

 

 

 

 

GOLD

 

Gold has found support resulting in a break of the 1279.66 price level with the descending trendline in sight. Bullish momentum seems subdued with indicators representing mixed sentiment; MACD has flattened just below the zero line with RSI forming an upward trajectory. 

 

 

 

 

OIL

 

WTI buyers returned once price action reached the 57.44 support level and now price action is likely to stabilise at the $60 per barrel range. Momentum indicators suggest sentiment remains bearish; with RSI continuing a downward trajectory and MACD extending further into bearish territory. 

 

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