USD/CAD Breaks Out Of Ascending Triangle

• 3 Dec 2018

USD/JPY

 

 

The USD/JPY pair has stalled at the 113.54 price level despite a break in recent trading. After reaching a price high at the 114.53 level, the pair appears to be entering into a moderate downtrend. The near-term direction for the pair may be determined by whether the 113.54 price level has undergone a clear break. Momentum indicators are bullish with upward trajectories.

Impact event: ISM Manufacturing PMI data will be released at 14:45 GMT and will impact all USD pairs.

 

 

 

 

EUR/USD

 

 

The EUR/USD pair has rebounded from the descending trendline and the 1.129 price level. Buyers returned after price action touched the support line although the pair was unable to reach the 1.142 resistance area. Momentum indicators are turning more bullish with both MACD and RSI forming upward trajectories. 

 

 
 
 
 GBP/USD

 

 

Fundamental factors influenced the recent sell-off in the GBP/USD pair and these factors continue to put pressure on the Pound. The pair is consolidating mid trading range where the 1.269 price level remains the floor. Momentum indicators remain moderately bearish with MACD remaining below the zero line and RSI bouncing around the 30 support level.

 

 

 

 

USD/CHF

 

 

The USD/CHF pair continues to test the 0.997 price level as a series of doji candles indicate indecision. Momentum indicators have turned bearish with MACD approaching the zero line and RSI breaking the default line. Volume is also declining which may represent waning conviction from buyers.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair has reached the apex of an ascending triangle and despite several tests of the 1.334 price level, price action has dropped beneath the 1.326 price level.  The ascending trendline will remain a key support area for future price action despite the recent selling pressure. RSI has fallen short of overbought conditions and MACD remains in bullish territory. 

 

 

 

SILVER

 

 

Silver has rebounded from the 14.03 price level to maintain a recent trading range between the 14.03 and 14.91 price levels. The metal continues to test the 14.03 floor although a break seems unlikely as neither buyers or sellers are dominating the commodity. Momentum indicators are moderately bearish and volume has climbed yet price action is consolidating within range. 

 

 

 

 

GOLD

 

 

Gold has once again undergone a bullish retracement from the ascending trendline but in recent trading has pulled back to the 1209.70 price level. Momentum indicators appear to be flat-lining with no bias in either direction. The metal will likely head back towards the ascending trendline where buyers will return.  

 

 

 

 

OIL

 

 

Oil appears to have entered into a descending flag pattern, with price action making small retracements followed by strong sell-offs. MACD continues to extend into bearish territory, however, RSI is testing the 30 support level. Volume has spiked once again as the tussle between buyers and sellers continues, however, sellers still dominate the commodity.