The USD/JPY Breaks A Key Resistance Level

  • 28 Nov 2019


USD/JPY

 

The USD/JPY pair has broken above the ascending trendline and the 109.27 resistance line once. The break is significant as price action has not reached this level since the end of July. However, the move has inspired the return of sellers as the pair oscillates within the uptrend, if the pair can sustain the break, price action will move higher. Momentum indicators have upward trajectories.

 

    

 

 

 

EUR/USD

 

The Eurodollar is now testing the ascending trendline, having broken the 1.102 support level. Buyers have returned at the trendline where price action has rebounded on previous occasions. There is a moderate uptrend in the pair defined by higher lows yet price action remain volatile. Momentum indicators are neutral if slightly bearish. 

 

 

 

 
 GBP/USD

 

The GBP/USD pair has begun to trade horizontally, with oscillations narrowing within a tighter trading range. The 1.295 resistance line remains a hurdle for the pair. When price action takes this pattern, a breakout may be imminent. Momentum indicators remain in bullish territory. 

 

 

 

USD/CHF

 

The USD/CHF pair has moved to break the 0.997 resistance area, which has represented a real obstacle for the pair in recent trading. The next target is the 1.001 price level which the pair has not been able to move passed since the end of May. Momentum indicators have upward trajectories.  

 

 

 

 

USD/CAD

 

The USD/CAD pair has stalled after a strong rally, with price action retracing to test the ascending trendline once again. The test of the support area has resulted, once again, in the return of buyers. Price action has been unable to move beyond the 1.328 resistance area recently. Momentum indicators have stalled in bullish territory.

 

 

 


SILVER

 

Silver continues to move in line with the ascending trendline as sentiment has a bullish bias. Tests of the 16.83 support level have resulted in a bullish rebound. The range for the metal will be 16.83- 17.42, at least in the near-term. Momentum indicators have bullish trajectories and are recovering from oversold conditions.

 

 

 

 

GOLD

 

Neither buyers or sellers are really influencing price action in a meaningful way, however, sellers have the edge resulting in price action returning to the 1446.82 support level. This support level represents an exhaustion area which sellers have struggled to push through on a previous occasion. Momentum indicators have flattened in bearish territory. 

 

 

 

 

OIL

 

WTI price action continues to be volatile, with a strong recovery initiated by buyers to take the commodity back to the previous resistance level around the $58 per barrel range. Despite buying pressure, the commodity has been unable to sustain a break of the 57.96 resistance line. Momentum has stalled in bullish conditions.

 

 

 

 

Sign up to get started

LIQUIDITY
PROVIDERS
Demo Account
Anzo Account
Promotions