Silver Poised For A Bullish Breakout?

• 31 Aug 2018

 

Claim Your $50 Cash Rebates Now! *Limited-time offer!

 

 

USD/JPY

The USD/JPY pair has bounced back from the 111.81 price level and is testing the 111.81 price level, once again, indicating a new trend may be forming. Momentum indicators are neutral; with MACD approaching the zero line.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair has broken the 1.164 price level and is now approaching the 1.173 price level, although continues to stall beneath this resistance area. Momentum indicators have turned sharply bullish; with MACD undergoing a momentum reversal.

Impact event: Eurozone CPI data will be released at 12:00 GMT+3 and will impact all Euro pairs.

 

 

 

 

 

GBP/USD

The GBP/USD pair appears to be making a mild bullish recovery. Price action has broken the descending trendline and is testing the 1.306 price level. A break may signal the end of the previous long- term downtrend. MACD is undergoing a momentum reversal and RSI has a sharp upward trajectory.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair has finally broken the 0.981 support level to the downside. It remains to be seen whether sellers have the conviction to push prices lower. The next support level is at the 0.963 price line. MACD has extended its bearish position and RSI has broken the 30 support line.

 

 

 

 

 

USD/CAD

The USD/CAD pair has broken the 1.294 price level and is now testing the 1.302 resistance line. MACD has extended its bearish position yet RSI indicates the pair is reaching oversold conditions and a bullish reversal is underway.

 

 

 

 

 

SILVER

Silver has entered into a symmetrical triangle with price action consolidating towards the apex. In general a break out is expected and a continuation of the current bullish bias is likely.  MACD is undergoing a bullish momentum reversal.

 

 

 

 

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 now the 68.84 price level which is a key resistance line. The next target for buyers is the market top at the 72.62 price level. MACD has broken the zero line yet RSI is approaching oversold condtions.