Silver Rebound Is Underway

  • 18 Feb 2019

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USD/JPY

 

The USD/JPY pair has begun to test the 110.65 price level after a pullback in the rally. A break will send the pair back towards the 111.07 price level which represents a key resistance area. Momentum indicators are bullish with MACD breaking the zero line to the upside and RSI continuing its upward trajectory. 

 

 

 

 

EUR/USD

 

The EUR/USD pair has broken the 1.129 price level as buying pressure has risen sharply. A trading range between the 1.129 and 1.145 price levels has been established. Momentum indicators are bullish with both MACD and RSI beginning momentum reversals. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has hit the 50 Fibo level and the response has been a bullish pullback which has also broken the 38.2 resistance level. This may be the resumption of the previous bullish trend. The strong bullish move has also resulted in a directional change on RSI.

 

 

 

USD/CHF

 

A bearish reversal appears to be underway as sellers return to the pair to drive prices back towards the 0.997 support level. RSI has also pulled back from overbought conditions in support of bearish sentiment and selling volume has begun to climb into the move.

 

 

 

 

USD/CAD

 

The USD/CAD pair has entered into a symmetrical triangle with the upper resistance line containing price action currently. As the pair continues to oscillate within a tighter price range a bullish breakout is expected; as resumption of the previous trend. Momentum indicators support the bullish bias with sharp upward trajectories. 

 

 

 

SILVER

 

Silver has touched and rebounded from the 61.8 Fibo level in a move which has resulted in a break of the 50 Fibo level and a test of the 38.2 Fibo level. This may be the bullish reversal which results in the metal returning to the previous uptrend. RSI has an upward trajectory.

 

 

 

 

GOLD

 

Gold has broken the 1303.94 price level and it appears there is still room for further upside in price action for the metal. Momentum indicators support the rally with MACD extending its bullish position and RSI continuing an upward trajectory (though is approaching overbought conditions).

 

 

 

 

OIL

 

WTI buyers have returned with moderate bullish moves to take WTI to the point where it tests a previous resistance line at $55.74 per barrel. The next target will be $60 per barrel at which point prices may stabilise. Momentum indicators are bullish with RSI approaching overbought conditions.

 

 

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