Are Oil Buyers Beginning To Put The Brakes On?

• 26 Sep 2018

 

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USD/JPY

The USD/JPY pair has continued the bullish run and is fast approaching the 113.26 price level which represents a recent market top. Momentum indicators remain bullish although RSI is approaching overbought conditions.

Impact event: FED Funds Rate Decision at 18:00 GMT will impact all USD pairs.

 

 

 

 

 EUR/USD

The EUR/USD pair has rejected the 1.179 price level and has fallen back to test the 1.173 price level. At the same time, RSI has pulled away from overbought conditions, although MACD has extended its bullish position. A break of the 1.173 price level is required to confirm the bearish bias.

 

 

 

 

 GBP/USD

The GBP/USD pair is once again testing the 1.306 price level after a strongly bearish move in recent trading. A bounce appears to be underway with a rejection of the 1.306 support level. Momentum indicators are neutral if slightly bearish.

 

 

 

 

USD/CHF

The USD/CHF pair has broken the 1.963 price level to the upside this time in an apparent shift in sentiment. The evening star doji pattern has resulted in a break of the key support level.

 

 

 

 

USD/CAD

The USD/CAD pair has rejected the 1.287 price level (which has become a strong support area for the pair) and is once again testing the 1.294 price level. Momentum indicators appear to be undergoing momentum reversals.

 

 

 

 

SILVER

Silver’s break of the descending trendline could prove significant given the strong bearish bias the metal has been experiencing since June. Additionally, Silver is approaching the 14.46 price level which represents a key long-term support level. MACD is undergoing a bullish momentum reversal.

 

 

 

 

GOLD

Price action continues to consolidate just below the 1209.70 support level. Despite an attempt to test the support level, price action remains in consolidation. Momentum indicators are mixed; with MACD approaching the zero line and RSI in neutral territory.

 

 

 

 

OIL

Oil price volatility continues as the commodity has made strides towards a recent market top at the 72.62 price level. Strong selling pressure in yesterday’s trading may also signify a deceleration in buying activity. Momentum indicators are bullish however, RSI is approaching overbought conditions.