INT
Markets Subdued At Start Of Trading Week
- 22 Oct 2018
USD/JPY
The USD/JPY pair has bounced back from the 111.81 support line, as price action appears to be turning bullish. Momentum indicators are mixed; MACD looks close to breaking the zero line to the downside whilst RSI has reversed a previous bearish move.
EUR/USD
The EUR/USD pair has broken the 1.153 price level. However, the break has been met with increased buying for the pair. MACD remains bullish whilst RSI is pulling away from the 30 oversold support level.
GBP/USD
The GBP/USD pair is once again approaching the ascending trendline around the 1.306 price level. Each time the pair has reached the price area it has bounced back into a bullish direction. Buyers once again, appear to be returning to the pair. However, momentum indicators are neutral if slightly bearish suggesting that sellers are not done yet.
USD/CHF
The USD/CHF pair has broken the 0.993 price level in a strong bullish move, with price action continuing the break towards the 1.003 price level. Momentum indicators suggest that the bullish move may not last, as RSI has hit overbought conditions and MACD stalls in slightly bullish territory.
USD/CAD
The USD/CAD has broken the 1.309 price level to the upside which has also resulted in a break of the descending trendline. For a clear trend change the pair would need to complete a full break of the resistance area. RSI has a bullish trajectory and MACD has broken the zero line.
SILVER
Silver has broken the 14.41 price level yet the move once again seems to have stalled after the break. The next target for buyers is the 14.91 price level. A new price range may have developed between the 14.41 and 14.91 price levels. MACD has just broken the zero line and RSI has a clear bullish trajectory.
GOLD
Gold has managed to break the 1209.70 price level, and has now moved to test the 1231.10 price level. However, a series of doji candles may indicate that the previous bullish move has lost steam. Momentum indicators have turned sharply bullish; with MACD breaking the zero line to the upside and RSI stalling just below overbought conditions.
OIL
Oil price has rejected the ascending trendline, falling back to break both the 73.44 and 72.02 support levels. The commodity is now testing the 68.84 price level. Momentum indicators are also reversing; MACD is on the verge of breaking the zero line and RSI is coming close to oversold conditions.
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