A minor technical correction is underway right now. Sellers pushed the euro to the lower boundary of the upward channel on Wednesday and continued their slide on Thursday. As a result, the pair pressured 1.1500 and is about to break it soon. The resistance resides at 1.1550, the support comes in at 1.1500.
We are still waiting for the correction to be over to start buying the euro.
The pound hovered above 1.3000 in a narrow range 1.3015 – 1.3040 in the night. A fresh selling pressure emerged in the morning. The price tested 1.3000 and remained around the level till the mid-European session. The pound broke the level in the second part of the day. GBP/USD moved lower and reached 1.2950 ahead of NY opening. The resistance lies at 1.3000, the support comes in at 1.2900.
We await a break below 1.2950 to trigger another leg lower towards 1.2900.
Sellers had another chance to post a fresh low on Wednesday. The pair drop to 111.54 and turned around immediate after that. As we see sellers failed to use the chance and gave the way to buyers. Buyers managed to reverse almost all Wednesday's losses. They returned the spot to 112.00 in the mid-Asian session. Bulls continued advancing upwards in the European session and approached 112.35 by noon. The resistance lies at 113.00, the support comes in at 112.00.
After consolidating above 112.00, the USDJPY will most likely move up to around the 113.00 mark.
Gold got under the weak selling pressure on Thursday. Sellers brought the spot to 1240 first and broke the level soon afterwards. However, they failed to advance far from its region. The resistance exists at 1240, the support stands at 1230 dollars per ounce.
We are neutral right now and prefer to wait for fresh market movers.
Brent is neutral on Thursday. Buyers have no strength to move the benchmark higher. The price is in a narrow range 49.50-49.70. The resistance lies at 50.50, the support lies in at 49.50 dollars per barrel.
If sentiment remains positive Brent will advance to 50.50.
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