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CURRENCIES TECHNICAL ANALYSIS July.5

EUR/USD

EUR/USD slightly changed during the night trades. The spot found support at 1.1350 and held still waiting for new drivers. Sellers became active in the morning. They broke 1.1350 and advance to 1.1317 by noon. The resistance is at 1.1350, the support comes in at 1.1300.

The pair reached a crucial point. A move below 1.1350 will neutralize the upward pressure further increasing chances for a trend change. A bounce here will help buyers to stay in a drivers’ seat.

 

GBP/USD

Sellers failed to break below 1.2900 on Tuesday. The pair formed a narrow consolidation range instead. The price was between 1.2920 -1.2940 the whole night. Sellers made another attempt to attack 1.2900 in the morning. However, their attempt to break below the level failed. The resistance lies at 1.3000, the support comes in at 1.2900.

We believe sellers will remain in a drivers’ seat. A move below 1.2900 will open the door towards 1.2800.

 

USD/JPY

USD/JPY continued its side trades on Wednesday night. The pair went back and forth between 113.00 and 113.30 during the night trades. The major left the side channel in the morning heading towards 113.50. The spot reached the mark in the mid-European session and kept growing afterwards. The resistance lies at 114.00, the support comes in at 113.00.

We remain bullish on the outlook for the currency. We expect its further growth towards 114.00.

XAU/USD 

Gold prices found a decent support at 1220. The pair pushed away from the level and was able to reverse a minor portion of its losses in the Asian session. Buyers were able to reach 1230 overnight. However, they failed to reclaim the level and the yellow metal bounced back. The downward pressure increased in early European trades. Gold prices declined and returned to 1220 by noon. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

The overall picture is bearish. We expect a start of a fresh bearish phase. Sellers need to break below 1220 to trigger another wave of downward moving.  

 

Brent

Brent has been trading sideways since the price reached 49.50. Sellers broke 49.50 in the morning and reached 48.50 in the late European session. The resistance lies at 49.50, the support lies in at 48.50 dollars per barrel.

We favor a short-term bearish bias. Sellers may lead prices towards 49.00 and further down to 48.50.

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