WTI Recovers At Close Of Trading Week

• 11 Oct 2019

USD/JPY

 

The USD/JPY pair has rebounded from the descending trendline, with buying pressure rising, taking price action to test the 108.06 resistance line. Momentum indicators remain in bullish territory though their trajectories have flattened.  

 

   

 

 

 

EUR/USD

 

The Eurodollar has broken the descending trendline and is now heading towards the 1.107 resistance line. The break may suggest the end of the bearish trend, although geopolitical factors are more likely to impact the pair. Momentum indicators have upward trajectories.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the 1.240 resistance level and is now testing the descending trendline. On a previous occasion, price action has rebounded from this resistance level. Volatility will likely continue in the pair until political uncertainty clears. The long-term direction of price action is bearish. Momentum indicators are bullish with MACD remaining above the zero line and RSI approaching overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair is continuing to test the 0.993 resistance level once again as price action pulls back mid-rally. Given the rise in buying pressure, the next move for price action is likely to be back towards the 1.001 resistance level. Momentum indicators are flattening in bullish territory. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has rebounded after a bullish breakout, taking price action back to the 1.328 support level. The pull back generally goes no further than the 1.328 support level. Momentum indicators have stalled/flattened in bullish territory. 

 

 

 

SILVER

 

Silver has tested the upperbound of a symmetrical triangle at the 17.83 price level and has now retraced back to the 17.42 support level. A bullish breakout appears the most likely outcome of the continuation pattern. Momentum indicators remain in neutral if slightly bearish territory.

 

 

 

 

GOLD

 

Gold has been tracking the ascending trendline, yet price action is beginning to move horizontally along the 1485.27 support level. Price action will remain within the 1485.27 and 1523.89 trading range. Momentum indicators remain in neutral/bearish territory. 

 

 

 

 

OIL

 

WTI price has rebounded with strong bullish sentiment driving price action towards the 54.44 resistance line. The commodity is sensitive to geopolitical developments and hence volatility will likely continue. Momentum indicators are recovering from oversold conditions.