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CURRENCIES TECHNICAL ANALYSIS July.11

Euro

The EUR/USD has slightly changed since Monday. The spot remained in an upward channel staying close to it lower limit. The resistance resides at 1.1400, the support comes in at 1.1350.
The immediate risk is still clearly on the upside. A move above 1.1400 would revive bullishness towards 1.1450.


Pound

The pound became active in the morning after quite trading in the night. The British currency spent the night below 1.2900. A fresh buying interest in the morning helped the major to recover some ground. The pair returned to the 1.2900 region in the European session. The resistance lies at 1.2900, the support comes in at 1.2800.
The price may continue its recovery if it retakes 1.2900. The pair may reach 1.2940 in this case. Otherwise, the major will decline to 1.2800.


USD/JPY

The USD/JPY pair extended its near-term upward trajectory on Tuesday. The spot pushed away from 114.00 in the night and managed to grow up to 114.50 over the night. The overall tone is bullish. The pair stays in an upward channel. The resistance lies at 115.00, the support comes in at 114.00.
The pair reached 114.50, the level which used to reject it in the past. If it happens again the spot will decline to 114.00-113.80. Alternatively, USD/JPY may keep growing towards 115.00.


XAU/USD

The decline lacked momentum after touching 1210. Gold failed to consolidate below the level and bounced back. The metal pushed away from the lower limit of the downward channel and headed to its upper one which stopped its further advance. The precious metal is under pressure today. Sellers returned the spot to 1210 in the late European session. The resistance exists at 1220, the support stands at 1210 dollars per ounce.
Technical readings favor another leg lower. A bearish continuation through 1210 should lead to a continued slide, with 1200 as the first probable target.


Brent

Brent managed to recover some ground on Monday. The price spiked to 47.50 where the upward momentum lost its strength. The market turned bearish and the benchmark dropped to 46.50 first. Oil prices continued easing in the second part of the day. The resistance lies at 46.50, the support lies in at 45.50 dollars per barrel.
If the downward pressure persists a close below 46.50 will trigger losses towards 45.50 dollars per barrel.

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