Will WTI Go To $60/Barrel?

  • 5 Nov 2018



The USD/JPY pair has bounced back from the 111.81 support level but has stalled short of the 113.26 price level. Momentum indicators have turned bullish, with both MACD and RSI assuming upward trajectories.






The EUR/USD pair has bounced back from the 1.133 price line as price action reversed from the key support area. Momentum indicators are also undergoing a reversal.




The GBP/USD pair has bounced back from the 1.269 price level in a strong bullish move which has the pair testing the 1.306 price line once again. Momentum indicators have turned sharply bullish in recent trading to support buyers.







The USD/CHF pair has broken a key resistance area at the 1.003 price level which has resulted in the return of sellers. MACD has flattened in bullish territory and RSI is pulling back from overbought conditions. Price action appears to have stalled at the 1.003 resistance level therefore a full downside break would be significant.







The USD/CAD has been volatile in recent trading in response to a volatile oil market. Price action has undergone a bearish reversal to now test the 1.309 price line. Momentum indicators suggest that a potential reversal could be on the cards; as MACD begins a momentum reversal and RSI flattens in neutral territory.






Silver has broken back above the 14.41 price level in a volatile week of trading for the commodity. The next price target for Silver is the 14.91 price level. Price action tested the price level which remains a strong resistance area. A new trading range remains between the 14.03 price level and the 14.91 price level.







Gold continues to test the 1231.10 price level and buyers may push price action towards the 1241.48 price level. The 1231.10 price level has proved to be significant as once again buyers fail tor break through. Momentum indicators have flattened indicating waning conviction from buyers. 







Oil price continues to break support levels and has now cleared the 64.05 price level. The question is whether the bearish sentiment can continue. Momentum indicators support the sell-off; with MACD extending its bearish position and RSI extending into oversold territory.




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