Sterling Buyers Continue To Dominate GBP/USD Pair

• 24 Jan 2019

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USD/JPY

 

 

The USD/JPY pair appears to have stalled just below the 109.87 price level. Price action has broken the several resistance levels which suggests dollar buyers are dominating. MACD is continuing a sharp bullish reversal and RSI has a sharp upward trajectory.

 

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has retraced to test the ascending trendline however, a series of doji candles represent indecision in the pair. Typically, price action rebounds from this support area, but we are yet to see buying pressure really take hold. There is some residual bearish momentum; MACD is on the verge of breaking the zero line to the downside yet RSI has turned more bullish.

 

 

 
 GBP/USD

 

 

The GBP/USD pair continues its rally to once again break the 1.292 price level and the 1.306 resistance level. The question remains; can the rally continue to the previous high of 1.330? Momentum indicators support the bullish bias as MACD has extended into bullish territory and RSI is once again approaching the 70 overbought zone.

 

 

 

USD/CHF

 

The USD/CHF pair has rallied once again to break the 0.986 resistance line and the pair is now testing the 0.997 price level. This is a key resistance area for the pair which has once again resulted in a pullback. Momentum indicators are mixed; with MACD breaking the zero line yet RSI has also pulled back from the overbought area. 

 

 

 

 

USD/CAD

 

 

The USD/CAD pair appears to be attempting a recovery after the recent sell-off. Price action has rebounded after testing the 1.334 price level which represents a long-term resistance area for the pair. Momentum indicators are beginning a bullish reversal of sorts; as MACD turns less negative and RSI tests the default line.

 

 

 

SILVER

 

Silver buyers and sellers are continuing the tussle with what appears to be a revival of bullish sentiment. Price action has reversed a previous bearish move and momentum indicators remain in bullish territory.  

 

 

 

 

GOLD

 

 

Gold has also stalled after a significant rally and despite some selling pressure, the metal does not appear to have a strong directional bias. Given the lack of conviction from buyers and sellers; gold is likely to trade in range in the near-term. Momentum indicators confirm bearish sentiment.

 

 

 

 

OIL

 

 

WTI buyers have returned with moderate bullish moves to take WTI beyond $50 per barrel. The move has been supported by a bullish break of the zero line on MACD, a strong upward trajectory on RSI and rising buying volume.