WTI Recovery Is Emphatic

• 22 Nov 2019

USD/JPY

 

The USD/JPY pair is once again testing the ascending trendline and and the 108.46 as a series of doji candles signify a stall in price momentum. This may signal the end of the rally as price action appears to be moving horizontally. A key support level exists at the 108.06 price line. Momentum indicators have are neutral with bearish trajectories.

 

    

 

 

 

EUR/USD

 

The Eurodollar recovery appears short-lived as sellers returned to take price action back to the ascending trendline. The 1.107 resistance line is now acting as a key hurdle for buyers, although sellers have been unable to break the ascending trendline. Momentum indicators have climbed into neutral territory while price action will likely be driven by fundamentals. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has broken the ascending trendline in the first indication that the rally is coming to an end. A pullback to the 1.288 support line provides weight to the downtrend indicating bearish reversal is underway. Momentum indicators remain in bullish territory, however, both are moving away from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has moved beyond the 0.989 resistance area and is now testing the 0.993 resistance level. Oscillations appear to be widening once again as the bullish trend resumes. A new trading range may be established with the 0.989 support level representing a price floor. Momentum indicators are neutral, if slightly bullish.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has seen an emphatic rally, with a break of several resistance levels. Price action has stalled before reaching the 1.333 resistance line. As such, sellers have returned, taking price action below the 1.328 support level once more at which point buyers have shown to still be active. Momentum indicators have stalled in bullish territory.

 

 

 

SILVER

 

Silver is following the trajectory of the ascending trendline as small-bodied candles hug the support level. It appears that for the time being, price action will remain within the 16.83 and 17.42 price levels. Momentum indicators are bearish and are recovering from oversold conditions.

 

 

 

 

GOLD

 

Buyers have returned to the metal, as price action climbs, testing a new resistance area at the 1468.50 price level. Small- bodied candles suggest there is not strong conviction behind the move, however, the commodity has returned to a previous trading range. The 1485.27 resistance area is in sight. Momentum indicators remain in bearish territory. 

 

 

 

 

OIL

 

WTI price action continues to be volatile with a strong recovery initiated by buyers to take the commodity back to the previous resistance level around the $58 per barrel range. The move comes after a significant sell-off as a result of rising supply levels. The 57.96 resistance line remains a sticking point which the asset has not been able to move beyond in recent trading. Momentum indicators have flattened in bullish trajectories.