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CURRENCIES TECHNICAL ANALYSIS July.21

Euro

The euro was neutral during the Asian hours after Thursday’s rally. Bulls became active in early European session. They drove the spot to 1.0650 and kept pressuring the level trying to break it through. The resistance resides at 1.1650, the support comes in at 1.1600.

If the bullish tone persists we expect a breakout of the level 1.1650. We also do not exclude a correction to 1.1550.

 

Pound

Buyers’ attempt to reverse losses failed on Thursday. They managed to lead the spot to 1.3000 where they lost momentum. The pound bounced off the level and edged lower afterwards. Buyers made another attempt to recover on Friday. They returned the price to 1.3000 at the beginning of the European session and broke the level later the day. The resistance lies at 1.3100, the support comes in at 1.3000.

We believe the major has a potential for more losses. Sellers aim at 1.2900 now. We do not exclude a short-term recovery. The major may pull back to 1.3030-1.3050.

 

USD/JPY

The US dollar struggled to build on overnight recovery. The major grew up to 112.00 where the upward momentum lost its legs. The level rejected the spot which edged lower erasing its night gains and refreshing the recent lows. The resistance lies at 112.00, the support comes in at 111.00.

USD/JPY is having difficulties to go any higher. Inability to recover may turn this market negative. Sellers will drive the pair to 111.50 first. Their second target is 111.00.

 

XAU/USD

Buyers gathered enough steam to leave the three day flat. The price break above 1243 and posted a daily high at 1247. Gold prices spent the night and the morning in a consolidation and continued with a recovery in the morning. The price slightly grew approaching 1250. The resistance exists at 1250, the support stands at 1240 dollars per ounce.

We believe the XAU/USD pair will keep growing further to 1260.

 

Brent

Brent traded negative on Friday. The benchmark recently touched 50.00 when a selling pressure emerged and returned the benchmark to 49.50. Oil prices pushed away from the level and headed to 48.50 dollars per barrel. The resistance lies at 49.50, the support lies in at 48.50 dollars per barrel.

Brent is overbought and needs some correction. Sellers will keep pushing Brent lower now and may reclaim 48.50 – 48.00 in coming sessions.

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