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CURRENCIES TECHNICAL ANALYSIS July.18

Euro

Market’s positive mood persisted on Tuesday. The euro remained well bid and managed to break above 1.1500. Buyers reached 1.1550 by the NY opening. The resistance resides at 1.1550, the support comes in at 1.1500.

If the bullish momentum remains intact the pair may retake 1.1550 in the coming sessions.

 

Pound

The pound remains under pressure in the middle of the upward channel. The night attempt to retake 1.3100 failed. The spot just pierced the level and pulled back afterwards. The resistance lies at 1.3100, the support comes in at 1.3000.

We are still short-term bearish now. The major may return to 1.3000 in the short-term.

 

USD/JPY

USDJPY continued its negative slide on Tuesday. The spot left a narrow range between 112.40-112.80 in the Asian session and fell to 112.00. The resistance lies at 113.00, the support comes in at 112.00.

We expect to see renewed bearish pressure soon. Sellers aim at 112.00 first. The break below the handle will open the way to 111.50.

 

XAU/USD

Gold prices extended their upward trajectory during the night trades. The spot pushed away from 1230 and advanced up to 1240 overnight. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

Firm break above 1240 hurdle would open 1250.dollars per ounce.

 

Brent

Brent failed to approach 49.50 and turned around a few pips below the level. Sellers kept driving the benchmark lower the whole night and found an obstacle at 48.50. The resistance lies at 49.50, the support lies in at 48.50 dollars per barrel.

If sellers retain control Brent oil prices may ease to 47.50 dollars per barrel.

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