USD/CAD Breaks Recent Trading Range

• 29 Aug 2018

 

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USD/JPY

The USD/JPY pair is testing the 111.07 price level which represents a fairly key resistance area- clearly a break to the upside would be significant. Momentum indicators are neutral; with MACD approaching the zero line.

Impact event: US GDP data will be released at 15:30 GMT+3 and will impact all US Dollar pairs.

 

 

 

 

 

EUR/USD

The EUR/USD pair has broken the 1.164 price level and is now approaching the 1.173 price level. Momentum indicators have turned sharply bullish; with MACD undergoing a momentum reversal.

 

 

 

 

 

 

GBP/USD

The GBP/USD pair appears to be making a mild bullish recovery. Price action has broken the descending trendline and the next target for buyers is the 1.306 price level. MACD is undergoing a momentum reversal and RSI has broken the 30 support level.

 

 

 

 

 

 

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. MACD has broken the zero line and RSI has reached the 30 support line.

 

 

 

 

 

USD/CAD

The USD/CAD pair has broken the 1.294 price level. MACD has extended its bearish position yet RSI indicates the pair is reaching oversold conditions; despite this, there appears to be room for further downside momentum.

 

 

 

 

 

SILVER

After a large sell- off in the pair last week, Silver appears to be recovering from extremely bearish conditions. Strong bullish moves in previous trading appears to be continuing though there is still some tussle with sellers. MACD is undergoing a momentum reversal and volume is elevated into the 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. MACD is undergoing a momentum reversal and RSI has a sharp upward trajectory.

 

 

 

 

 

OIL

Oil has broken the descending trendline and is now testing the 68.84 price level and the real test will be whether buyers can break this key resistance line. MACD is fast approaching the zero line though RSI has stalled in neutral territory.