Will silver come out of consolidation?

Silver completed 36 consecutive sessions oscillating around the 17.00 level, round number level that coincides with the 200 day exponential moving average. When the price of an asset consolidates during a long period of time around a zone or a level, it is because the traders and investors are complacent with the actual price and there are no underlying reasons or fundamentals for the price to move. During the last two trading sessions the price of silver has broken to the downside as shown on the daily chart and comes near the 16.29 level, which has acted as support in the past, but the 16.00 level could act as a better support level for the commodity. To the upside, the 17.45 zone could act as resistance, followed by the 18.19 level. Until the price of silver breaks below the 16.00 level or above the 18.19 level we do not have a clear direction, even though the price of silver has been in a much larger consolidation zone since the beginning of 2016.

Strong rally on the Pound

The GBP/USD has been supported by the latest developments around the Brexit negotiations. During the last few days the volatility on the pair has increased greatly, taking the price to a low around the 55 day EMA (purple line) around the 1.3200 zone. From there the GBP/USD bounces rapidly to the upside as the news about a potential soft Brexit hit the wires. The rally on the GBP/USD has taken the pair to a high around the 1.3447 level, but the price currently settles around the 1.3411 zone. The bullish momentum is still in place and the pair may try to visit the 1.3500 level, but in order for the bullish trend to come back in the midterm, the price must break above the peaks at the 1.3600 zone. To the downside, the most relevant support level is at the 1.3300 level, zone that was resistance and could change to support.

Rally on the USD/CAD

The USD/CAD has been respecting the technical levels very well as shown on the daily chart. First, the pair tries to break above the 200 day EMA (blue line), but pulls back down to the 1.2674 level from where it bounce back up. On the second visit to the 200 day EMA, the USD/CAD finds again resistance and goes back down to the 1.2674 level, where we can find on the second occasion the 55 day EMA (purple line). During the last two trading sessions, the USD/CAD has come again to the 200 day EMA and it is trying to stall there. In case the pair breaks above the 1.2800 and the 200 day EMA, then the bullish momentum may accelerate and the price may reach the 1.3000 level. To the downside, the closest support is at the 1.2674 level, followed by the 1.2600.

Has the Euro lost its momentum?

The Euro versus the Dollar has been gaining some ground since it made a low at the 1.1600 zone as shown on the daily chart. Around the 1.1800 level the pair made some interesting moves. Initially, when it tried to break above the 1.1800 level, there was a shooting star pattern, which helped push the price lower towards the 55 day EMA. At the 55 day EMA, the price of the EUR/USD bounced to the upside and made a new high above the 1.1900 level. The stochastics indicator is also making higher highs, but it has entered the overbought zone, therefore we could see a bearish pullback or profit taking on the EUR/USD. To the downside, the most relevant supports are at the 1.1800, 1.1700 and 1.1600 levels. To the upside, the most important resistances are the 1.2000 level followed by the 1.2100 level.

Will copper go back to its bullish trend?

Even though the markets in China have been pulling back a little bit, copper tries to go back to its bullish trend. Copper and the Chinese economy have a positive correlation due to the fact that China is the largest consumer of copper in the world. On the daily chart of copper we can see that during its latest drop, the price came to the 307.00 level where we can find the 55 day EMA and from where it bounces to the upside. During this week, the price of copper has been gaining some ground and breaks above the bearish trendline. Copper may be trying to change its direction to the upside. The stochastics indicator also breaks above its bearish trendline but accelerates too rapidly to the overbought zone on the 80% level. Therefore, the price of copper may try to correct to the downside. On the other hand, if the price continues to rise, its closest resistance is at the 325.86 level, but a more important resistance is at the 330.66 level where we can find the 200 month exponential moving average.

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Strong drop on the USD/JPY

The US Dollar has been losing ground versus its main counterparts during today’s session, especially versus the Yen and the Swiss Franc after the disappointing durable goods orders out of the United States. The core durable goods reading came out surprisingly lower than expected for the month of October, after being on the upside during three months in a row. On the daily chart of the USD/JPY we can see that the price has broken below its 200 day EMA (blue line), around the 111.77 level to drop to the 111.55 level. From this point on, the USD/JPY has practically the road clear to drop all the way to the low at the 109.54 level, but it could have some minor pullbacks on its way down. The same 200 day EMA may become now resistance, but the 55 day EMA (purple line) or the 113.00 level are still its most relevant resistance zone.