Technical Analysis

Oil Volatility Increases Ahead Of Inventory Data

• 12 Sep 2018

 

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USD/JPY

The USD/JPY pair is recovering from the 110.65 support level, after a strong bearish move appears to have been replaced with bullish sentiment.  A break of the descending trendline could send price action to the 111.81 price level, once again. Momentum indicators are neutral if slightly bullish.

 

 

 

 

 EUR/USD

The EUR/USD pair continues to test the 1.153 support level as the pair enters into a new trading range between the 1.153 and 1.179 price levels. Momentum indicators are bullish; with MACD breaking the zero line yet RSI remains neutral.

 

 

 

 

 GBP/USD

The GBP/USD pair's bullish recovery is again underway and buyers have returned to test the 1.306 price level. MACD is approaching the zero line and RSI is has a sharp upward trajectory.

 

 

 

 

USD/CHF

The USD/CHF pair has begun to move away from a key support level at the 0.963 price line, as buyers seem to have returned to the pair. MACD is beginning a bullish momentum reversal and RSI continues its upward trajectory.

 

 

 

 

USD/CAD

The USD/CAD pair has rallied significantly in recent trading, however the break of the 1.316 resistance line was short-lived. The pair has now broken the ascending trendline and the 1.309 price level. MACD has broken the zero line to the upside and RSI has flattened in bullish territory.

 

 

 

 

SILVER

Silver has experienced a break to the downside of the descending triangle which confirms the bearish bias. A series of doji candles may indicate a rest period in the longer-term bearish trend. MACD has extended its bearish position.

 

 

 

 

GOLD

The recent bullish move has culminated in a break of the descending trendline and price action is now consolidating just below the 1209.70 support level. A series of doji candles indicates indecision from traders. Momentum indicators are bearish.

 

 

 

 

OIL

Oil has reached a key resistance area which saw previous attempts from buyers to push price action higher; thwarted. The commodity is approaching an ascending trendline, yet bullish momentum appears to be decelerating.

Impact event: Crude Oil Inventory data will be released at 14:30 GMT and will impact oil prices.