Sterling Volatility Continues At Close Of Trading Week

  • 10 May 2019

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The USD/JPY pair has fallen to the 110.20 support level where price action is being held. There are some signs of buyers returning to the pair. MACD has broken the zero line, however, RSI has reached the 30 oversold level which may be one indication of a potential reversal.







The EUR/USD pair has broken the 1.119 support level and the next target is likely to be the 1.125 support level. Although a rally has ensued, there are signs of selling pressure. MACD appears to be undergoing a moderate bullish reversal and RSI has assumed an upward trajectory.






The GBP/USD pair has once again bounced back from the 1.297 price level and volatility in the pair will likely continue. The pair will probably remain within the 1.297-1.314 price levels. Momentum indicators have turned bullish with a reversal taking place on MACD, however, RSI has flattened in bullish territory. 






The USD/CHF pair has stalled after the latest rally and sellers are beginning to return. The pair may head back towards the 1.010 price level as sentiment turns more bearish. Momentum indicators have turned sharply bearish with MACD undergoing a momentum reversal and RSI pulling away from overbought conditions. 







The USD/CAD pair has broken back below the 1.345 price level as the pair maintains the trading range between the 1.335 and 1.345 price levels. Momentum indicators appear to be turning more negative despite remaining in bullish territory.






Silver's break of the 14.76 support line was short-lived as buyers have driven price action back up above the support level once more. The metal is likely to remain within the 14.76 and 15.23 trading range in the near-term. Momentum indicators are mixed representing the the fact that sellers are still active.







Gold has broken the 1279.66 price level which is a key support level for the pair, although the break lacks real conviction from buyers currently. Momentum indicators support the bullish sentiment with RSI bouncing back from the 30 support level and MACD approaching the zero line.






WTI has pulled back significantly to test the lower range close to $60 per barrel despite OPEC reducing output. Fundamental factors are playing a larger role in price action currently, most specifically geopolitical tensions. RSI is oscillating in a downward direction and MACD is approaching the zero line.   





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