WTI Buyers Held Back At $58 Per Barrel Mark

• 6 Dec 2019

USD/JPY

 

The USD/JPY pair has moved to form a moderate break of the ascending trendline, with price action also breaking the 108.83 support level. The next obvious target is the 108.46 support level. A series of small-bodied candles indicate indecision as the pair fails to pull away from the trendline. Momentum indicators have downward trajectories. 

 

    

 

 

 

EUR/USD

 

The Eurodollar has broken the 1.107 resistance area, despite selling pressure and is now moving towards the 1.112 resistance are which represents a weaker resistance area. Buyers’ conviction will be tested at this price level. Momentum indicators support bullish sentiment with MACD breaking the zero line to the upside. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair is reaching new price highs, at levels not seen since the start of the year. Optimism may soon be tempered as the UK election process unfolds. Momentum indicators suggest that the pair may be overbought, as RSI tests and flattens at the 70 resistance level. However, MACD is maintaining an upward trajectory though is a lagging indicator.

 

 

 

USD/CHF

 

The USD/CHF pair has sold off to take price action through a series of support levels, stalling just above the 0.985 price level.  This support level represents a key support area for the pair, where sellers have struggled to push through on at least three previous occasions. Momentum indicators reflect bearish sentiment, with MACD breaking the zero line to the downside.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has suffered a sell-off, yet has stalled above the 1.314 support level almost completely reversing gains made by the pair during the rally. Buyers appear to have return as the U.S. Dollar has find support in the early Asian trading session. Momentum indicators have taken sharp downward trajectories.

 

 

 

SILVER

 

Silver continues to bounce along the 16.85 support level and despite some moderate attempts from buyers and sellers to dominate price action, both parties lack the appetite to dominate price action. Subdued inflation and declining political risk appear to have impacted the metal. Momentum indicators have upward trajectories.  

 

 

 

 

GOLD

 

Gold buyers have had the edge in recent price action, however, selling pressure has also risen to maintain the descending trendline as a resistance area for the metal. Doji candles in the last two trading sessions may signal a potential breakout. Momentum indicators have upward trajectories. 

 

 

 

 

OIL

 

WTI price action continues to be volatile, with strong moves by both buyers and sellers. Buyers have determined the direction of price action in recent trading. Yet, once again, the commodity fails to move beyond the 58.42 resistance line, which remains as a significant obstacle for buyers. Momentum indicators remain bullish.