Major Pairs Test Key Price Levels At Close Of Trading Week

• 21 Sep 2018

 

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USD/JPY

The USD/JPY pair has cleared the 111.81 price level and is fast approaching the 113.26 resistance line. Momentum indicators are bullish; however RSI is approaching overbought conditions.

 

 

 

 

 EUR/USD

The EUR/USD pair has rallied significantly in recent trading and is now testing the 1.179 price level, which is a significant resistance area for the pair. Momentum indicators are bullish however RSI is fast approaching overbought territory.

 

 

 

 

 GBP/USD

The GBP/USD pair has finally broken the 1.306 price level to upside and is now testing the 1.330 price level. RSI has hit overbought conditions and MACD is strongly bearish, with volume rising into the move there may be further upside.

 

 

 

 

USD/CHF

The USD/CHF pair has broken a key support level at 0.963 in a strong bearish move. A clear break may see price action extending the bearish run. Momentum indicators are bearish although RSI has flattened in oversold conditions.

 

 

 

 

USD/CAD

The USD/CAD pair has finally broken the 1.294 price level to the downside and is now testing the 1.287 price level. Momentum indicators support the bearish bias; with MACD breaking the zero line.

Impact event: Canadian CPI data will be released at 12:30 GMT and will impact all CAD pairs.

 

 

 

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.