INT
USD/CAD Poised Ahead Of BOC Rate Decision
- 24 Oct 2018
USD/JPY
The USD/JPY pair has bounced back from the 111.81 support line, and bullish price action has sent the pair towards the 113.26 price level. However, a ‘hanging man’ candlestick could be the first signal of sentiment turning bearish. Momentum indicators are moderately bearish; MACD has stalled above the zero line and RSI is neutral.
EUR/USD
The EUR/USD pair has broken the 1.153 price level and the next target for sellers is the 1.133 price level. Momentum indicators remain bearish with MACD stalling below the zero line and RSI approaching oversold conditions at the 30 support level.
GBP/USD
Despite bearish momentum, price action for the GBP/USD pair continues to stall just below the support area with signs of conviction from buyers. Volume is stable indicating there is not any significant activity in either direction. Momentum indicators are approaching support areas, having turned more bearish.
USD/CHF
The USD/CHF pair has broken the 0.993 price level in a strong bullish move, however a series of doji candles may suggest that buyers’ appetite is waning. Momentum indicators also suggest that the bullish move may not last, as RSI has hit overbought conditions and MACD has stalled in slightly bullish territory.
USD/CAD
The USD/CAD has broken the 1.309 price level to the upside which has also resulted in a break of the descending trendline. For a clear trend change the pair would need to complete a full break of the resistance area. RSI has a bullish trajectory and MACD has broken the zero line.
Impact event: Bank Of Canada rate decision will be announced at 14:00 GMT and the announcement will impact all CAD pairs.
SILVER
Silver has broken the 14.41 price level yet the move once again seems to have stalled after the break. The next target for buyers is the 14.91 price level. A new price range may have developed between the 14.41 and 14.91 price levels. MACD has just broken the zero line and RSI has a clear bullish trajectory.
GOLD
Gold has managed to break the 1209.70 price level, and has now moved to test the 1231.10 price level. However, a series of doji candles may indicate that the previous bullish move has lost steam. Momentum indicators are more subdued; with MACD appearing to reverse from the bullish move and RSI stalling just below overbought conditions.
OIL
Oil price has rejected the ascending trendline, falling back to break a series of support levels. The commodity is now testing the 66.13 price level. Momentum indicators are also reversing; MACD has broken the zero line and RSI has hit oversold conditions.
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