Oil Spikes To Test Key Resistance Area

  • 5 Sep 2019



The USD/JPY pair is oscillating between the 105.28 and the 106.75 price levels. Price has struggled to move beyond this upper resistance level, despite buyers being active in the pair. Momentum indicators have turned more positive with MACD heading towards the zero line and RSI reaching the default line.








The Euro has made a recovery from the 1.095 support level with strong bullish sentiment, resulting in the pair rising to test the 1.102 support area. Buyers will likely eye the 1.107 support level as the next target. Geopolitical tensions will result in more volatility in the pair going forward. Momentum indicators have begun to climb away from oversold conditions. 






The GBP/USD pair has rebounded from the 1.203 support line and as such as broken the 1.218 support level. The next obvious target for the pair is then the 1.240 support level. Momentum indicators have turned sharply bullish with MACD heading towards the zero line and RSI heading into the buying channel. 






The USD/CHF pair rejected the 0.993 resistance line and hence sellers have returned to break both the 0.987 and 0.981 price levels. The break of the 0.981 support level has inspired buyers to return. Momentum indicators have an upward trajectory with MACD breaking the zero line and RSI moving into the buying channel. 







The USD/CAD pair has broken the 1.330 and the 1.323 support levels to the downside. There is some deceleration in the bearish move with buyers returning before a break of the 1.320 support level. Once again, the pair has been unable to clear this resistance area. Momentum indicators have a downward trajectory with MACD approaching the zero line and RSI moving into the selling channel.  






Silver's extended rally appears to have decelerated after approaching the 19.67 resistance level. Sellers have since returned. Momentum indicators remain in strongly bullish positions, although there is some sign of a deceleration in bullish momentum as RSI returns back towards the 70 resistance line. 







Gold also appears to be pulling back from the extended rally and is no longer testing the ascending trendline. The pair continues to test the 1549.95 price level, as oscillations become shallower, with a climb in price action. Momentum indicators remain in bullish territory yet MACD has flattened out and RSI is pulling back from overbought conditions and moves away from the 70 resistance level.   







WTI remains volatile in the face of ever-changing macroeconomic conditions. A break of the 54.92 support level was short-lived, as buyers returned to take price action towards the 56.69 resistance line; which has represented a significant hurdle in the past. Momentum indicators are mixed with MACD flattening just below the zero line and RSI remaining at the default line. 





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