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CURRENCIES TECHNICAL ANALYSIS July.14

Euro

The EUR/USD pair remained in an uptrend on Friday. The euro is under pressure and is testing the upward trend line at 1.1400. The resistance resides at 1.1450, the support comes in at 1.1400.

A clear break below 1.1400 would indicate that a bearish phase has resumed. Sellers would drive the major to 1.1300 in this case.

 

Pound

The pound keeps trying to recover. Buyers regained 1.2900 and reached 1.2950 afterwards. Having posted a weekly high at 1.2950 buyers took a pause to gather some steam. After a brief pause bulls continued climbing towards 1.3000. The resistance lies at 1.3000, the support comes in at 1.2900.

Inability to post fresh gains may send this market back below 1.2900. Should that level break down sellers will aim at 1.2850 and 1.2800.

 

USD/JPY

The USD/JPY pair found a decent support at 113.00. The US dollar bounced from the level trying to build a correction. However, the major reversed just a minor portion of its losses. The recovery stalled around 113.50. Sellers started to push the market lower in the morning. The major returned to 113.00 by noon. The resistance lies at 114.00, the support comes in at 113.00.

The pair is in a side-trend now. The spot is moving back and forth between 113.00-113.50. A break from either of these two levels will determine its further direction.

 

XAU/USD

Gold recovery seems not to be over yen. Sellers temporary returned control over the market and pushed the spot lower. They already broke 1220 and headed to 1215 afterwards. However, bulls seized control, retook 1220 and pushed the metal to 1225. The resistance exists at 1230, the support stands at 1220 dollars per ounce.

Gold prices may extend their bullish momentum. The pair may reclaim 1225 in this scenario.

 

Brent

Brent seems to have chosen its direction after going back and forth recent days. An upward impetus on Thursday pushed the benchmark to 48.50 dollars per barrel. Brent lost steam around the level and spent the Asian session around it. Brent continued its advance in the late European session. Oil prices grew to 48.80. The resistance lies at 49.50, the support lies in at 48.50 dollars per barrel.

If the bullish tone persists Brent oil prices may advance to 49.50 dollars per barrel.

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