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CURRENCIES TECHNICAL ANALYSIS July.24

Euro

The EUR/USD pair remained in an uptrend on Monday. The spot was unable to climb higher than 1.1683 and retreated to 1.1650. The resistance resides at 1.1700, the support comes in at 1.1650.

Taking into consideration the overbought conditions we expect a pull back to 1.1600.

 

Pound

GBP/USD remained in bulls' hands on Monday. Bulls managed to break above 1.3000 and reached 1.3040 afterwards. The EMA50 and EMA100 support the pound not allowing the price to move lower. The resistance lies at 1.3100, the support comes in at 1.3000.

We believe the pound will edge lower. The level 1.3000 is the first potential target, en route 1.2950.

 

USD/JPY

The US dollar continued its slide in a near-term downward channel. Sellers were able to drive the price below 111.00. The pair refreshed last week lows at 110.70. The resistance lies at 111.00, the support comes in at 110.00.

Sellers may continue its decline heading towards 110.00. However, the major is oversold and we do not rule out a correction. The US dollar may recover to 111.00-111.50 in the short-term.

 

XAU/USD

Gold prices maintained their bid tone approaching 1260 on Monday. The resistance exists at 1250, the support stands at 1240 dollars per ounce.

To our opinion the precious metal will keep strengthening further to 1260.

 

Brent

The increased selling pressure sent the oil market back to 47.50. The benchmark left the near-term upward channel returning to a downtrend. Brent traded sideways staying between 47.50-48.50 on Monday. The resistance lies at 48.50, the support lies in at 47.50 dollars per barrel.

If the selling pressure persists, sellers may lead prices towards 46.50.

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