USD/CAD Breaks Key Support Area

  • 4 Jan 2019




The USD/JPY pair has broken the 108.73 support level to the downside where buyers have returned resulting in more bullish price action. Momentum indicators have turned sharply bearish with MACD and RSI breaking key support levels.








The EUR/USD pair has once again bounced back from the ascending trendline with bullish momentum. The next target for buyers is the 1.145 price level where the pair will likely remain in the 1.129 and 1.145 trading range. Momentum indicators have turned bullish with MACD breaking the zero line. 





The GBP/USD pair has made a recovery from the sell-off at the start of the week and is now heading towards the 1.269 price level. In recent trading, the pair has struggled to move beyond this key resistance area. Momentum indicators have maintained an overall upward trajectory with MACD approaching the zero line. 







The USD/CHF pair continues to test the 0.986 price level. It is currently unclear as to whether buyers or sellers will dominate near-term price action. Momentum indicators are neutral if slightly bearish with RSI bouncing back from the 30 support level.








The USD/CAD pair has pulled back from a long-term uptrend and as a result has broken the ascending trendline which has been acting as a support level for the pair. Momentum indicators also reflect the bearish sentiment; with MACD and RSI both beginning a momentum reversal. 






Silver has broken the 15.69 price level as bullish price action continues and this may push the pair towards the next resistance level at 15.69. Momentum indicators have turned sharply bullish with RSI breaking the 70 resistance level. Volume has spiked during the break which suggest strong conviction from buyers.








Gold has broken a long-term resistance area at the 1258.20 price level and is now approaching a price high of 1303.94. Whether price action is able to reach this resistance area remains to be seen as momentum appears to be waning. RSI has also broken the 70 resistance area. 








Oil's recovery was short-lived as WTI begins to level out around $45 per barrel. Momentum indicators have begun a moderate bullish reversal, with volume rising. The series of doji candles indicate that buyers lack appetite to drive price action higher. 




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