USD/CAD Approaches Key Support Level

  • 8 Nov 2018



The USD/JPY pair continues to test the 113.54 resistance level and is continuing the longer-term upward trend. Momentum indicators have turned bullish, with both MACD and RSI assuming upward trajectories.

Impact event: Federal Reserve interest rate decision will be announced at 19:00 GMT and will impact all US Dollar pairs.






The EUR/USD pair has bounced back from the 1.133 price line as price action reversed from the key support area. Momentum indicators are also undergoing a bullish reversal.




The GBP/USD pair has broken the 1.306 resistance level and price action is now targeting the 1.330 price line. Momentum indicators have turned sharply bullish in recent trading to support buyers and volume also supports the move.







The USD/CHF pair has broken a key resistance area at the 1.003 price level which has resulted in the return of sellers. MACD has flattened in bullish territory and RSI is pulling back from overbought conditions. Price action appears to have stalled at the 1.003 resistance level therefore a full downside break would be significant.







The USD/CAD has broken the 1.309 price level and is approaching the 1.316 price level. Momentum indicators appear to be bullish with RSI displaying an upward trajectory. MACD has flattened in bullish territory. 






Silver has broken back above the 14.41 price level in a volatile week of trading for the commodity. The next price target for Silver is the 14.91 price level which remains a strong resistance area. A new trading range remains between the 14.03 price level and the 14.91 price level. MACD is approaching the zero line and RSI is neutral.







Gold continues to test the 1231.10 price level, however, sellers have returned to the market. The 1231.10 price level has proved to be significant as once again buyers failed to break through. Momentum indicators appear to be turning more bearish with MACD heading towards the zero line. 







Oil price continues to break support levels and has now also cleared the 61.89 price level. The question is whether the bearish sentiment can continue. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI extending into oversold territory.




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