Eurodollar Breaks Key Support Levels

• 13 Nov 2019

USD/JPY

 

The USD/JPY pair has reverted after testing the 109.25 resistance level. Despite a spike through the resistance area, price action has rebounded. Sentiment appears to have turned bearish and the pair will likely return to the 108 price range. Momentum indicators have begun downward trajectories.

 

    

 

 

 

EUR/USD

 

The Eurodollar has continued to sell-off taking price action back to test both the 1.102 support level and the ascending trendline. A moderate break of these two support levels indicates a bearish bias. Momentum indicators have turned sharply bearish with RSI approaching oversold conditions.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair continues to hug the ascending trendline as bullish sentiment continues. The next target is the 1.288 resistance level. A series of doji candles suggest that conviction among buyers is low. Price action will likely remain in the 1.274- 1.295 range in the near-term. Momentum indicators are pulling back from overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has touched and pulled back from the 0.997 resistance level and has broken the 0.993 support level. Previous pullbacks have resulted in the pair undergoing a bullish rebound. The next target is the 0.989 support level. Momentum indicators are neutral if slightly bearish with MACD bouncing along the zero line.  

 

 

 

 

USD/CAD

 

The USD/CAD pair continues to test the 1.323 resistance level after a sustained rally in the pair. The pair has spiked though not broken the resistance area. Buyers currently lack the conviction to drive price action higher. Momentum indicators have upward trajectories, supporting bullish sentiment.

 

 

 

SILVER

 

Silver has broken several support levels with the bearish move decelerating when price action met the ascending trendline. The metal has now stalled at the 16.85 support level. The metal has oscillated within a tight trading range between the 16.85- 18.09 price levels. Momentum indicators have stalled in bearish territory.

 

 

 

 

GOLD

 

Bearish momentum has slowed as the 1446.82 support level acts as the new obstacle for Gold sellers. The price level represents a break in a previous uptrend where buyers lost steam. A series of doji candles suggest that sellers are also taking a break at this support level. Momentum indicators are bearish with RSI approaching oversold conditions. 

 

 

 

 

OIL

 

WTI price action has been volatile, bouncing along the 56.76 resistance line as buyers and sellers tussle to control near-term direction of the commodity. A couple of tests of the 57.96 resistance level indicate appetite from buyers confirming the clear uptrend. Momentum indicators remain in bullish territory.