USD/CAD Remains In Free-fall

• 24 Oct 2019

USD/JPY

 

The USD/JPY pair has failed to break the 108.83 resistance line which has resulted in a number of small-bodied candles oscillating in a very tight trading range. Price action is likely to remain in the 108 price range. Momentum indicators are beginning to pull back from bullish territory.

 

   

 

 

 

EUR/USD

 

The Eurodollar has pulled back from the recent high to test the 1.112 support level once again. The move has resulted in the return of buyers. Whether this facilitates significant buying momentum remains to be seen, buyers have not had the conviction to push price action beyond this resistance area. Momentum indicators remain in bullish territory.   

 

 

 

 
 GBP/USD

 

The GBP/USD pair has climbed once again to the 1.295 resistance line but has since rejected the resistance area taking price action back to test the 1.288 support line. Price action may continue to oscillate within this tight trading range, at least until further political developments. Momentum indicators are in bullish territory, yet RSI has pulled back to the overbought line. 

 

 

 

USD/CHF

 

The USD/CHF pair is now testing the 0.989 support level and the ascending trendline to the upside. The next price target is the 0.993 resistance level and a move towards this price level indicates the resumption of the previous bullish trend. Momentum indicators are neutral with bearish trajectories. 

 

 

 

 

USD/CAD

 

The USD/CAD pair is now testing the 1.307 support level with another key support area at the 1.302 price level. A break cements a stark downtrend for the pair as rising oil prices have provided support for the Canadian dollar. Momentum indicators are bearish and RSI is testing oversold conditions.

 

 

 

SILVER

 

Silver has moved through the apex of a symmetrical triangle which should result in a bullish breakout given the previous trend was bullish. Instead, the metal is languishing at the 17.42 support level with a series of doji candles indicating that there is indecision. Momentum indicators remain in bearish/neutral territory.

 

 

 

 

GOLD

 

Gold has been trading horizontally, within a tight trading range recently. Price action has broken the ascending trendline, which indicates sentiment has turned bearish. Price action continues to test the 1485.27 support level and sellers have been unable to breach this support level. Momentum indicators remain in neutral/bearish territory. 

 

 

 

 

OIL

 

WTI is now testing the $55 per barrel price range which has represented a recent resistance area. There is a moderate uptrend in the commodity with higher lows and higher highs. The $55-60 per barrel range would be a stabilizing price, yet any further geopolitical tensions will likely result in more price volatility. Momentum indicators have upward trajectories.