USD/CAD Pair Consolidating In Range

• 20 Mar 2019

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USD/JPY

 

The USD/JPY pair is consolidating in a moderate uptrend, having formed around an ascending triangle pattern. Price action continues to test the 111.75 resistance level and a breakout would see the continuation of a previous uptrend. Momentum indicators are downward sloping indicating some decline in bullish sentiment. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the descending trendline which may indicate the beginning of a longer-term uptrend, given the apparent strength of this resistance line. Momentum indicators have turned bullish with MACD on the verge of breaking the zero line and RSI breaking the default line.

 

 

 

 
 GBP/USD

 

The GBP/USD pair has returned to test the 1.326 price level and it appears this resistance level is a sticking point beyond which price action has failed to break in a meaningful way. Momentum indicators have stalled in bullish territory with RSI falling just short of overbought conditions.

 

 

 

USD/CHF

 

The USD/CHF pair has broken the 1.001 price level, which may mark the beginning of a reversal. The next target for sellers is the 0.997 price level which price. MACD is on the verge of breaking the zero line to the downside and RSI has a clear downward trajectory. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has failed to break the upper descending trendline of a symmetrical triangle. The pair is consolidating around the 1.330 price level with a series of doji candles. Momentum indicators have decelerated but remain moderately bullish.

 

 

 

SILVER

 

Silver has turned back towards the 15.42 price level and the metal may enter into a tight trading range within the support and resistance levels. Momentum indicators have turned bullish with MACD approaching the zero line and RSI beginning an upward trajectory.

 

 

 

 

GOLD

 

Gold buyers appear to be dominating price action with a break of the descending trendline and a current test of the 1306.12 resistance line. Momentum indicators support bullish sentiment with reversals underway on both MACD and RSI. 

 

 

 

 

OIL

 

WTI buyers appear to be winning the struggle having pushed price action beyond the $57 per barrel price range and towards the elusive $60 per barrel. The break has not been emphatic and there are signs that the commodity is overbought. RSI is testing the 70 resistance line and MACD is flat in bullish territory.  

 

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