Will Oil Head Back Towards The $60 Per Barrel Mark?

• 10 Sep 2019

USD/JPY

 

The USD/JPY pair has broken the 107.10 price level taking price action towards the previous and strong resistance area at the 108.54 price level. Momentum indicators have turned more bullish with MACD heading towards the zero line and RSI moving into the buying channel.

 

 

 

 

 

EUR/USD

 

The Euro has pushed beyond the 1.102 resistance level, taking price action towards the 1.107 resistance line which represents a previously strong support area. Selling pressure is still present in recent trading, indicating that buyers are not completely in control of price action. Momentum indicators are recovering from strongly bearish positions but are not yet in bullish territory. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has rebounded, taking price action towards the 1.240 resistance level (a previous support level). Price action may oscillate within the 1.218 and 1.240 trading range. Momentum indicators have turned sharply bullish with MACD heading towards the zero line and RSI heading into the buying channel. 

 

 

 

USD/CHF

 

Buyers have returned to the USD/CHF pair as a longer-term bullish trend begins to form. The next target for buyers will be the 0.993 price level which represents a key resistance area for the pair. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI moving into the buying channel. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has broken several support levels to the downside yet has stalled before reaching the 1.313 support line. There is some deceleration in the bearish move with a doji marking the end of the bearish bias. Momentum indicators have a downward trajectory with MACD breaking the zero line and RSI approaching oversold conditions.  

 

 

 

SILVER

 

Silver’s extended rally appears to have reversed, with the metal breaking several support levels, taking price action towards the 17.37 support level. Momentum indicators are also reversing from strongly bullish positions with MACD heading towards the zero line and RSI breaking the 70 resistance line with a sharp downward trajectory.  

 

 

 

 

GOLD

 

Gold has broken the 1497.19 support level after a strong bearish move in the metal. Sellers now appear to be dominating price action with the next support level at the 1448.10 price line. Momentum indicators are undergoing bearish reversals with MACD approaching the zero line and RSI entering into the sell channel.    

 

 

 

 

OIL

 

WTI remains volatile in the face of ever-changing macroeconomic conditions. The commodity has now hit the 58.14 resistance line after strong bullish price action. The question is whether WTI can break the resistance level and take price action back to the $60 per barrel mark. Momentum indicators are bullish with MACD approaching the zero line and RSI approaching overbought conditions.