Technical Analysis

Major Pairs Test Key Price Levels

• 27 Aug 2018

 

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USD/JPY

The USD/JPY pair is testing the 111.07 price level which represents a fairly key resistance area- clearly a break to the upside would be significant. Momentum indicators are neutral; with MACD approaching the zero line.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair is now testing the 1.164 price level, however, is yet to break this previous support area. Momentum indicators have turned sharply bullish; with MACD undergoing a momentum reversal.

 

 

 

 

 

 

GBP/USD

The GBP/USD pair appears to be making a bullish recovery. Price action has broken the descending trendline and the next target for buyers is the 1.306 price level. MACD is undergoing a momentum reversal and RSI has broken the 30 support level with an upward trajectory.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair hasn't provided any meaningful break of the 0.993 price level. Therefore, the pair has fallen below the 0.993 price level which has been a strong resistance area for the pair in recent trading. The pair is now testing the descending trendline and the 0.981 support level. RSI continues to bounce along the 30 support level.

 

 

 

 

 

USD/CAD

The USD/CAD pair has established the 1.309 price level as a sticking point. The break of the 1.302 price level appears to have been short-lived as the pair has been unable to fully break this resistance area. Momentum indicators are neutral if slightly bearish.

 

 

 

 

 

SILVER

After a large sell- off in the pair last week, Silver appears to be recovering from extremely bearish conditions. A strong bullish move in previous trading followed appears to be continuing in current trading. 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 is now testing the 68.84 price level and the real test will be whether buyers can break the 68.84 resistance line. MACD is undergoing a momentum reversal and RSI has a sharp upward trajectory.