Is Silver Undergoing A Trend Reversal?

• 20 Sep 2018

 

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USD/JPY

The USD/JPY pair has cleared the 111.81 and it remains to be seen whether the pair can reach the 113.26 resistance line. Momentum indicators are bullish; however RSI is approaching overbought conditions.

 

 

 

 

 EUR/USD

The EUR/USD pair has broken the 1.164 resistance level and may be headed towards the 1.173 price level, however, the pair has failed to truly test this resistance level in recent trading. Momentum indicators are moderately bullish.

 

 

 

 

 GBP/USD

The GBP/USD pair has finally broken the 1.306 price level to upside and the next target for buyers remains at the 1.330 price level. A series of doji candles represent indecision and often hint to a trend reversal. RSI has hit overbought conditions.

 

 

 

 

USD/CHF

The USD/CHF pair is still being held up at the 0.963 price line, despite a mild break of the key support level in recent trading. Further, an inverted candle at the support level may be an indicator of a trend reversal. Momentum indicators support bullish momentum.

 

 

 

 

USD/CAD

The USD/CAD pair has finally broken the 1.294 price level to the downside after strong bearish moves in recent trading. Momentum indicators support the bearish bias; with MACD breaking the zero line.

 

 

 

 

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. However, buyers appear to have returned. Momentum indicators have turned sharply bullish with MACD fast approaching the zero line.

 

 

 

 

OIL

Oil price volatility continues as the commodity has made strides towards a recent market top at the 72.62 price level. Momentum indicators are bullish however, RSI is approaching overbought conditions. Declining volume may indicate the rally may be short-lived.