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CURRENCIES TECHNICAL ANALYSIS July.13

Euro

The upward channel remained intact on Thursday. The price just moved from its upper boundary to its lower one. The level 1.1400 rejected the pair upwards and the euro returned to 1.1450 afterwards. A fresh downward impetus emerged in the mid-European session. EUR/USD decline to 1.1400, trying to break below the handle. The resistance resides at 1.1450, the support comes in at 1.1400.

We are still bullish and prefer to wait when the current correction is over. Buyers are likely to attack 1.1500 in the short-term.

 

Pound

The pound found fresh bids at 1.2800. New buy orders helped the major to recover recent losses. The spot bounced from 1.2800 and returned to 1.2900. The major spent the Asian session around the level and continued its growth in the morning. GBP/USD reclaimed 1.2900 and headed towards 1.2950. The resistance lies at 1.3000, the support comes in at 1.2900.

The pair stays in a near-term downward channel. The GBP/USD pair needs to consolidate above 1.2950 to leave the channel. If sellers regain control the major may retest the 1.2800 handle.

 

USD/JPY

The US dollar remains under heavy selling pressure. Bears broke the lower limit of the upward channel (113.40) the other day. Sellers had a temporary stop at 113.00 and are trying to break lower on Thursday. The resistance lies at 114.00, the support comes in at 113.00.

A break below 113.00 will neutralize the upward pressure further. In this scenario sellers will lead the major to 112.50. Should the level 113.00 hold USD/JPY will recover back to 114.00.

 

XAU/USD

Gold prices continued their recovery and reached 1225. After reaching the mark gold prices faced some selling pressure. As a result, the spot had to retreat to 1220. Bulls, however, returned in the morning on Thursday. Gold prices grew and approached 1225 by noon. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

A move below 1220 would revive bearishness towards 1210 dollars per ounce.

Brent

The buying interest faded after touching 48.50 dollars per barrel. Brent just pierced the level and turned around. The benchmark erased the half of buyers' fresh gains by the end of Wednesday. Brent spent the first part of Thursday at 47.50. The decline was continued in the late European session. The resistance lies at 47.50, the support lies in at 46.50 dollars per barrel.

If the bearish tone persists we expect a breakout of the level 47.50 and advance to 46.50 dollars per barrel.

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