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CURRENCIES TECHNICAL ANALYSIS July.6

Euro

Sellers almost reached 1.1300 when they faced some buying rejection. The major changed its direction and returned to a growth after that. Besides, the 50-EMA stopped bears' advance in the 4 hours chart. Euro buyers are trying to build a recovery right now. The pair reclaimed 1.1350 heading towards 1.1400. The resistance is at 1.1400, the support comes in at 1.1350.

If the level 1.1300 holds the spot may return to a rally. Buyers may lead EUR/USD to 1.1400 first. Otherwise, we will see another wave of downward pressure.

Pound

The pound found a decent support at 1.2900 and bounced from the level afterwards. The British pound reversed all Wednesday's losses by noon. The upward momentum continued in the late European session when the pair approached 1.3000. The resistance lies at 1.3000, the support comes in at 1.2900.

A move above 1.3000 will open the door for 1.3050. A failure here will bring additional bearishness to the pair. Sellers might move the pair to 1.2850.

 

USD/JPY

Bulls' attempt to leave the consolidation range 113.00-113.50 failed on Wednesday. Sellers returned the spot to the range. However, buyers did not stop on that and made another attempt to break above the level on Thursday. Bulls pushed the price to the upper limit of the range by noon. The resistance lies at 114.00, the support comes in at 113.00.

We prefer to stay out of trades until we see the major leaves the current range.

 

XAU/USD

The XAU/USD pair lost an upward momentum after touching 1230. The price pulled back and erased the half of its recent gains. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

We are neutral right now. We would prefer not to trade until we get a clear signal.

 

Brent

After a sharp drop on Wednesday Brent oil prices are building up a recovery right now. The level 47.50 stopped sellers who preferred to take some profit after that. The profit taking caused a pull back. The benchmark bounced from 47.50 and strengthened to 48.50 where the buying momentum started fading. The resistance lies at 48.50, the support lies in at 47.50 dollars per barrel.

Brent left the upward channel. If it stays below 48.50 it will continue its slide. Otherwise, the correction may last up to 49.50 dollars per barrel.

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