Precious Metal Buyers Take A Breather

• 7 Sep 2018

 

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USD/JPY

The USD/JPY pair is has dropped back to the 110.65 support level, having failed to break the descending trendline. A new trading range appears to be developing between the 109.87 and the 111.81 price levels.  Momentum indicators are slightly bullish; with MACD approaching the zero line whilst RSI has fallen just below neutral territory.

Impact event: The Non-Farm Payroll report will be released at 12:30 GMT and will impact all USD pairs.

 

 

 

 

 

EUR/USD

The EUR/USD pair has bounced back from the 1.153 price level as the pair enters into a trading range between the 1.153 and 1.179 price levels. Currently, the pair is testing the 1.164 price level with momentum indicators displaying a moderately bullish bias.

Impact event: Eurozone GDP data will be announced at 09:00 GMT and will impact all EUR pairs.

 

 

 

 

 

GBP/USD

The GBP/USD pair’s bullish recovery appears to have been stalled. Price action rejected the 1.306 price level and turned bearish. However, it appears buyers may make another attempt as momentum indicators suggest favour is with the bulls.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair has finally broken the 0.981 support level to the downside. Price action has begun to test the next support level at the 0.963 price line. MACD has stalled in bearish territory and RSI continues to test the 30 support level.

 

 

 

 

 

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 is now testing the ascending trendline and the next support level at the 1.309 price line will likely be the next target for sellers. MACD is undergoing a momentum reversal and RSI has an upward trajectory.

 

 

 

 

 

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 and volume has increased into the bearish 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. A series of doji candles indicates indecision from traders. MACD is undergoing a momentum reversal and RSI has begun an upward trajectory.

 

 

 

 

 

OIL

Oil has reverted a break of the 68.84 price level which is a key resistance line. The break has also included an ascending trendline, with the next target for sellers at the 67.32 price level. MACD has broken the zero line yet RSI is recovering from oversold conditions.