WTI Rally Has Price Action Testing Key Resistance Level

• 4 Nov 2019

USD/JPY

 

Sellers have returned to the USD/JPY pair taking price action back towards the 108.06 support level, which has resulted in a bullish rebound. The pair is yet to move out of the 108 price range. Momentum indicators are pulling back from bullish territory.

 

   

 

 

 

EUR/USD

 

The Eurodollar has rebounded from the ascending trendline, breaking the 1.115 resistance level, representing the resumption of the previous uptrend. The next target for buyers is the 1.120 price level. Momentum indicators are continuing with their bullish trajectories.  

 

 

 

 
 GBP/USD

 

The GBP/USD pair has reached an obstacle in the form of the 1.295 resistance level. Moderate selling pressure has taken price action back towards the 1.288 support level. The move could indicate the end of the rally. Momentum indicators have flattened in bullish territory with RSI continuing to test overbought conditions. 

 

 

 

USD/CHF

 

The USD/CHF pair has broken both the ascending trendline and the 0.989 support level, with price action stalling at the 0.985 support level. Momentum indicators have turned bearish with MACD breaking the zero line to the downside. 

 

 

 

 

USD/CAD

 

The USD/CAD pair has stalled mid-rally as selling pressure begins to climb for the pair. Price action has broken back below the 1.314 support level. The next target is the 1.312 support level. Momentum indicators are also undergoing moderate bullish reversals.

 

 

 

SILVER

 

Silver continues to test the ascending trendline and despite price spiking through the support level, a break is yet to take place. Despite the bullish sentiment continuing, with the 18.09 resistance line has proved an obstacle, with buyers seemingly losing conviction. Momentum indicators have established upward trajectories.

 

 

 

 

GOLD

 

Gold has failed to clear the 1508.26 resistance line after the break. The metal continues to test the ascending trendline but, once again, buyers lack the conviction to drive the break. As such, price action has a horizontal trajectory. Momentum indicators have turned moderately bullish. 

 

 

 

 

OIL

 

WTI has enjoyed another rally which has taken price action back beyond the $55 per barrel range. The next target is once again the 56.76 resistance level and the question is whether buyers have the appetite to push beyond this price level. Momentum indicators have bullish trajectories.