Technical Analysis

Silver Attracts New Buyers

• 17 Aug 2018

 

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USD/JPY

The USD/JPY pair has broken the ascending trendline to the downside and after a bearish break of the 110.65 price level, a bullish retracement is underway. This price level appears that it may be a sticking point for the pair. MACD is fast approaching the zero line and RSI has made a bullish recovery.

 

 

 

 

 

 

EUR/USD

The EUR/USD pair has completely reversed its bullish move to break both the 1.153 price level and the descending trendline. There are signs of buyers returning to the pair, as MACD is undergoing a momentum reversal and RSI has broken the 30 support level to the upside.

Impact event: Eurozone CPI data will be released at 12:00 GMT+3 and will impact all Euro pairs.

 

 

 

 

GBP/USD

The GBP/USD pair has broken the descending trendline and has pulled away from long term support levels. MACD has extended its bearish position and RSI has broken the 30 support level. Volume has begun to increase into the move suggesting strong conviction from sellers.

 

 

 

 

 

 

USD/CHF

The USD/CHF pair has failed to break the descending trendline once again and has returned to break the 0.993 price level. For buyers the next price target is the 1.003 price level. Momentum indicators are neutral, if slightly bullish.

 

 

 

 

 

USD/CAD

The USD/CAD pair has established the 1.309 price level as a sticking point. Breaks of this price level appear to be short-lived. A series of doji candles indicate decision, however momentum indicators have a bullish bias.

Impact event: Canada CPI data will be released at 15:30 GMT+3 and will impact all CAD pairs.

 

 

 

 

SILVER

Silver appears to be consolidating in a tight trading range though sellers have dominated price action in recent trading; commanding most of the big moves for the metal. Buyers appear to have returned, however, it remains to be seen whether a bullish reversal will take place.

 

 

 

 

GOLD

Gold has also seen the dominance of sellers in recent trading with the metal breaking the descending trendline, once again.  Momentum indicators remain strongly bearish as RSI has broken the 30 support level, this time, to the downside.

 

 

 

 

 

OIL

Oil has broken out of a recent trading range between the 66.13 and the 68.84 price levels. A break of the 66.13 price level may signal a new range for the pair as sellers will likely target the 61.89 support line. MACD has extended its bearish position and RSI has reached the 30 support level.