U.S. Dollar Subdued At Start Of Trading Week

• 19 Oct 2020

USD/JPY

The USD/JPY pair has stalled at the 105.29 price level with lower highs confirming long-term bearish sentiment. A price low exists at the 104.67 price level which has represented a hurdle for sellers in the past. Momentum indicators remain in the neutral zone.  

 

 

 

 

 

EUR/USD

The Eurodollar has stalled at the 1.172 support level yet neither buyers nor sellers have the appetite to drive price action. Doji candles represent indecision as dollar volatility fluctuates. If a break materialises, a trend change is seems likely after the longer-term rally. Momentum indicators remain in bearish territory. 

 

 

 

 

 

GBP/USD

The GBP/USD pair has failed at the 1.298 trading range, as the pair begins to revert back to the previous trading range between the 1.274-1.298 price levels. Buyers remain active in the pair and the range ceiling remans an obstacle. Momentum indicators are neutral/bearish.  

 

 

 

 

 

USD/CHF

The USD/CHF pair has started to consolidate within the 0.903- 0.918 range. Small-bodied candles suggest that although the pair is creeping towards the 0.918 price area, conviction remains weak. Momentum indicators have flattened in neutral/bearish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD pair has rejected the 1.322 resistance line as the current trading range remains intact. Going forward, we may expect a period of consolidation from the pair as sellers have thwarted several attempts at a rally. Momentum indicators remain in bearish territory. 

 

 

 

 

 

GOLD

Gold is yet to pull away from the descending trendline as the metal continues to trace its descent, confirming the bearish sentiment. Oscillations have remained in the 1860-1925 range and will likely continue to maintain this range.  Momentum indicators have flattened in bearish territory. 

 

 

 

 

 

OIL

WTI is still struggling to move beyond the 41.69 resistance area, as doji candles in the last three trading sessions highlight a lack of conviction/indecision from market participants.  The current trading range therefore seems likely to remain intact. Momentum indicators are moving into bullish territory.