Will The USD/JPY Resume The Long-Term Uptrend?

• 24 Aug 2018

 

 

USD/JPY

The USD/JPY pair has broken the 110.65 price level, this time to the upside. Depending on buyers’ appetite the pair may head back to resume the previous uptrend. Momentum indicators appear to be undergoing a reversal with RSI bouncing off the 30 support level and MACD approaching the zero line.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair has reached and broken, the 1.153 resistance line. However, the break appears to have been met with selling pressure. Momentum indicators are mixed; MACD is undergoing a momentum reversal and RSI is neutral.

 

 

 

 

 

 

GBP/USD

The GBP/USD pair appears to be making a bullish recovery. Price action has broken the descending trendline and the next target for buyers is the 1.306 price level. MACD is undergoing a momentum reversal and RSI has broken the 30 support level with an upward trajectory.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair hasn’t provided any meaningful break of the 0.993 price level. Therefore, the pair has fallen below the 0.993 price level which has been a strong resistance area for the pair in recent trading. The pair is now testing the descending trendline and the 0.981 support level. RSI has bounced back from the 30 support level.

 

 

 

 

 

USD/CAD

The USD/CAD pair has established the 1.309 price level as a sticking point. The break of the 1.302 price level appears to have been short-lived. The pair has turned towards the ascending trendline, which represents a long-term bullish trend for the pair, indicating the recent break was merely a retracement. Momentum indicators appear more bullish.

 

 

 

 

 

SILVER

After a large sell- off in the pair last week, Silver appears to be recovering from extremely bearish conditions. However a series of doji candles followed by a bearish move in yesterday’s trading suggest the recovery could be short-lived. MACD remains in a strongly bearish position.

 

 

 

 

GOLD

The recent bullish move has culminated in a break of the descending trendline, however, once again this resistance area remains a sticking point for the metal. MACD is undergoing a bullish momentum reversal and RSI has broken the 30 support level to the upside.

 

 

 

 

 

OIL

Oil has broken the descending trendline as well as the 67.32 price level to the upside. The real test, however, will be whether buyers can break the 68.84 resistance line. MACD is undergoing a momentum reversal and RSI has a sharp upward trajectory.