A Mixed Bag Late In Asian Trading Session

• 7 Feb 2018

EUR/AUD

The EUR/AUD pair has hit a previous resistance line at the 1.572 price level and although there are signs that the pair is overbought, there still seems to be further upside potential. MACD has broken the zero line to the upside and moving averages have a clear upward trajectory.

 AUD/JPY

Several breaks of the lower Bollinger band signals that the AUD/JPY pair is oversold. A sharp bullish breakout in yesterday’s trading was not sustained, as the pair has fallen back into oversold territory. Momentum is bearish with MACD on the verge of a bearish break of the zero line.

SILVER

Silver is testing the 16.70 price level and has done for the last three trading sessions, unable to break to the upside. MACD indicates a bearish reversal and momentum indicators have a general downward trajectory. There is a support level at the 16.12, however, more conviction from sellers will be required to push price lower.

EUR/GBP

The Euro has enjoyed strength over the Pound over the last week. Momentum indicators support the bullish sentiment with a bullish reversal evident on MACD.  Price action is heading towards the 0.890 resistance line and a break of this level would give further support to the uptrend.