Technical Analysis

Eurodollar Subdued Ahead Of CPI Data

• 17 Sep 2018

 

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USD/JPY

The USD/JPY pair has broken the 111.81 price level and the next likely target for buyers is the 113.26 price level; which represents a previous market top. At the same time, MACD has broken the zero line and RSI has an upward trajectory, indicating a bullish bias.

 

 

 

 

 EUR/USD

The EUR/USD pair continues to test the 1.164 resistance level after a bullish break failed to clear the resistance area. Momentum indicators have stalled in neutral but slightly bullish territory.

Impact event: Eurozone CPI data will be released at 09:00 GMT and will impact all Euro pairs.

 

 

 

 

 GBP/USD

The GBP/USD pair has failed to fully break the 1.306 price level to upside, however the next target for buyers remains at the 1.330 price level. MACD has broken the zero line and RSI has a sharp upward trajectory.

 

 

 

 

USD/CHF

The USD/CHF pair has once again bounced back from the key support level at the 0.963 price line, as sellers appear unable to push price action beyond this level. Momentum indicators are beginning to turn more bullish as MACD is undergoing a momentum reversal.

 

 

 

 

USD/CAD

The USD/CAD pair again proves that the 1.294 price level is a key support area, as price action has not been able to break this price level in recent moves. This time price action is testing the 1.302 price level to the upside. Momentum indicators have flattened in neutral territory.

 

 

 

 

SILVER

Silver has experienced a break to the downside of the descending triangle which confirms the bearish bias. A series of doji candles may indicate a rest period in the longer-term bearish trend. MACD remains in strongly bearish.

 

 

 

 

GOLD

The recent bullish move has culminated in a break of the descending trendline and price action is now consolidating just below the 1209.70 support level. A series of doji candles indicates indecision from Gold traders. Momentum indicators again are neutral if slightly bearish.

 

 

 

 

OIL

Oil has broken the key 68.84 price level and has tested the ascending trendline. However, the volatility continues as the commodity sank towards the 68.84 resistance level once again. Momentum indicators are neutral.