INT
Oil Enters Long-Term Downtrend
- 29 Oct 2018
USD/JPY
The USD/JPY pair has returned to test the 111.81 support level after a shift towards selling pressure. A new trading range may be found between the 111.81 and the 113.23 price areas. Momentum indicators are bearish, with MACD on the verge of a downside break of the zero line and RSI approaching the oversold 30 zone.
Impact event: U.S. Personal Consumption Expenditure data will be released at 12:30 GMT and will impact all US Dollar pairs.
EUR/USD
The EUR/USD pair has broken the 1.153 price level yet has been held up at the 1.133 price level. Momentum indicators remain bearish with MACD extending its position below the zero line and RSI has hit oversold conditions at the 30 support level.
GBP/USD
Bearish momentum has sent the GBP/USD pair towards the 1.269 price level after having broken the 1.306 price level. Momentum indicators are bearish; MACD has broken the zero line and RSI has hit the 30 support area. Increasing volume indicates strong conviction from sellers.
USD/CHF
The USD/CHF pair has broken the 0.993 price level in a strong bullish move, however selling pressure in recent trading has stalled buyers. Momentum indicators also suggest that the bullish move may not last, as RSI has hit overbought conditions and MACD has stalled in bullish territory.
USD/CAD
The USD/CAD has returned to test the 1.309 price level after a brief bearish bias. Several attempts to break this resistance area have been rejected. Momentum indicators are bullish; with MACD breaking the zero line and RSI continuing a bullish trajectory.
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 now managed to break the 1231.10 price level and is heading towards the 1241.48 price level. Momentum indicators have edged off of the bullish move indicating strength in conviction from buyers. RSI has flattened in overbought conditions.
OIL
Oil price has rejected the 66.13 price level and buyers appear to have returned to the pair. However, the pair appears to be in a descending flag pattern indicating the long-term trend is bearish. Momentum indicators remain bearish; with MACD breaking the zero line and RSI stalling at the 30 support line.
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