WTI Price Reversal?

  • 27 Nov 2020


The USD/JPY pair has begun another descent which has taken the pair to test the 104.29 support level once more. On several previous occasions this support area has inspired the return of buyers, facilitating bullish rebounds. More recently, the support level has weakened. Momentum indicators have flattened in bearish territory.






The GBP/USD pair has stalled at the 1.338 resistance level and a price reversal seems likely, given the series of small-bodied candles that have collected under the resistance level. Overall, long-term sentiment is bullish therefore, any change of direction in the pair may only be short-term. Momentum indicators have stalled in bullish territory. 






A break of the 1.192 resistance area seems inevitable given the number of times it has been tested since July. However, buyers are still struggling to find the momentum to drive the break. A slow down in the rally could signify that a pullback is on the cards before further upside moves. Momentum indicators have upward trajectories. 






The USDCAD pair has languished around the 1.302 support level since the end of October. Despite a break to the downside, selling pressure has stalled and the pair looks set to return to a previous trading range. The longer-term downtrend has become more moderate and horizontal trading seems set to continue. Momentum indicators have flattened in bearish territory.






The Oil rally is beginning to show the first signs of weakness. Sellers returned in yesterday’s trading session which may indicate that a price reversal could be imminent. A target exists at the 47.60 price level and the next few trading sessions will determine near-term price action. Momentum indicators are beginning reversals.






The WS30 has once again pulled back from the 30,035 resistance line as several attempts to break have failed. The range between the 29,044 and 30,035 price levels is therefore likely to remain intact. A longer-term bullish bias remains despite the current slowdown in pace. Momentum indicators flattened in bullish territory.






The ASX200 price reversal has begun defined by a doji candle at the top of the rally. Sellers have returned and the 6577.18 support level is in sight. Momentum indicators show a deceleration in bullish sentiment with RSI turning back towards the 70 resistance line.  


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