WTI Comes Under Pressure In Mid-Week Trading

• 19 Dec 2018

USD/JPY

 

 

The USD/JPY pair has broken the lower trendline of a symmetrical triangle as well as the 112.82 support level. The pair is yet to reach the apex of the triangle which may suggest that the current break will be short-lived; with scant momentum behind the move. MACD has broken the zero line and RSI has begun a downward trajectory.

 

   

 

 

EUR/USD

 

 

The EUR/USD pair has broken the upper trendline seeing the return of buyers after bouncing off the 1.129 price level. The next target for buyers is the 1.142 price level. Momentum indicators have also turned only moderately bullish which may show a lack of conviction from buyers.

 

 
 
 
 GBP/USD

 

 

The GBP/USD pair has made a strong recovery after reaching a new price low. Now the pair is heading back towards the 1.269 price level which represents a previous price floor. Momentum indicators are recovering from their previous bearish position; with MACD turning towards the zero line and RSI moving away from the 30 support level.

 

 

 

 

USD/CHF

 

The USD/CHF pair has bounced back from the 0.986 price level and has once again rejected the 0.997 resistance level. The 0.986- 0.997 trading range appears to be re-establishing. Momentum indicators appear to be turning more bearish as RSI begins a downward trajectory.

 

 

 

 

USD/CAD

 

 

The USD/CAD pair continues to climb away from the ascending trendline which has developed as a clear support line for the pair. Momentum indicators remain bullish; with MACD extending its position into bullish territory and RSI approaching the 70 resistance level. 

 

 

 

SILVER

 

Silver has once again stalled before reaching the 14.91 price level sending price action back to the 14.41 support level and this support level may develop as a price floor in the near-term. Momentum indicators have turned bullish with MACD breaking the zero line and RSI stalling just below the 70 resistance line.

 

 

 

 

GOLD

 

 

Gold has broken the 1241.48 price level and is approaching the next resistance area for the metal at the 1258.20 price level. Momentum indicators have turned bullish with both MACD and RSI resuming upward trajectories. 

 

 

 

 

OIL

 

 

Oil’s recovery was short-lived as WTI comes under pressure once again. A sell-off yesterday elicited a reaction from buyers in early trading today. Momentum indicators have stalled their bullish trajectory with RSI heading back towards the 30 support level.