Long-Term Trend Change For The GBP/USD Pair?

• 30 Aug 2018

 

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USD/JPY

The USD/JPY pair has broken the 111.07 price level and is approaching the next resistance area at the 111.81 price level. Momentum indicators are neutral; with MACD approaching the zero line.

Impact event: US Personal Consumption Expenditure data will be released at 15:30 GMT+3 and will impact all US Dollar pairs.

 

 

 

 

 

EUR/USD

The EUR/USD pair has broken the 1.164 price level and is now approaching the 1.173 price level, although continues to stall beneath this resistance area. Momentum indicators have turned sharply bullish; with MACD undergoing a momentum reversal.

 

 

 

 

 

 

GBP/USD

The GBP/USD pair appears to be making a mild bullish recovery. Price action has broken the descending trendline and is testing the 1.306 price level. A break may signal the end of the previous long- term downtrend. MACD is undergoing a momentum reversal and RSI has a sharp upward trajectory.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair has finally broken the 0.981 support level to the downside. It remains to be seen whether sellers have the conviction to push prices lower. MACD has extended its bearish position and RSI has broken the 30 support line.

 

 

 

 

 

USD/CAD

The USD/CAD pair has broken the 1.294 price level, yet has stalled at this support level. MACD has extended its bearish position yet RSI indicates the pair is reaching oversold conditions; despite this, there appears to be room for further downside momentum.

 

 

 

 

 

SILVER

After a large sell- off in the pair last week, Silver appears to be recovering from extremely bearish conditions. Strong bullish moves in previous trading appears to be continuing though there is still some tussle with sellers. MACD is undergoing a momentum reversal and volume is elevated into the move.

 

 

 

 

GOLD

The recent bullish move has culminated in a break of the descending trendline and the metal is now testing the 1209.70 support level. MACD is undergoing a momentum reversal and RSI has a sharp upward trajectory.

 

 

 

 

 

OIL

Oil has broken the descending trendline and now the 68.84 price level which is a key resistance line. MACD has broken the zero line and RSI has an upward trajectory.