GBP/USD Pair Unable To Break Free Of Long-Term Downtrend

• 4 Sep 2018

 

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USD/JPY

The USD/JPY pair has bounced back from the 111.81 price level and continues to test the 111.07 price level, once again, indicating a new trend may be forming. Momentum indicators are neutral; with MACD approaching the zero line whilst RSI remains slightly bullish.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair has failed to reach the 1.173 price level and has fallen back to break the 1.164 price line again. The next target for sellers will likely be the 1.153 price level. Momentum indicators remain bullish; with MACD breaking the zero line.

 

 

 

 

 

 

GBP/USD

The GBP/USD pair’s bullish recovery appears to have been stalled. Price action has rejected the 1.306 price level and has turned bearish. The failed break has also been reflected in momentum on RSI. MACD is approaching the zero line.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair has finally broken the 0.981 support level to the downside. Price action has stalled just short of the next support level at the 0.963 price line. MACD has extended its bearish position and RSI has flattened at the 30 support level.

 

 

 

 

 

USD/CAD

The USD/CAD pair has broken the 1.302 price level and is now testing the 1.309 resistance line. A break of the resistance level and the ascending trendline would suggest the previous uptrend had resumed. MACD is undergoing a momentum reversal and RSI has an upward trajectory.

 

 

 

 

 

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, however, price action continues to test the lower bound. MACD is undergoing a bullish momentum reversal yet volume is declining.

 

 

 

 

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 flattened in slight bearish/neutral territory.

 

 

 

 

 

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 conditions. Will buyers have the conviction to drive price action higher?