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CURRENCIES TECHNICAL ANALYSIS July.26

Euro

The euro remained in an uptrend being unable to break above 1.1700. The price bounced off the level and headed downwards. Sellers broke 1.1650 and reached 1.1600 in the mid European session. The resistance resides at 1.1650, the support comes in at 1.1600.

After a daily close below the support at 1.1650 we could see EURUSD extending its declines down to 1.1600. Sellers’ next target lies at 1.1560.

 

Pound

The pound recovery stalled at 1.3080. The price turned around after that and declined back to 1.3000 in the Asian session. Sellers maintained control during the day trying to break below 1.3000. The resistance lies at 1.3100, the support comes in at 1.3000.

The GBP/USD pair will remain in bulls’ hands until it stays above 1.3000. A move lower will give bears a chance to drag the spot to 1.2970. The next sellers’ targets are at 1.2930 and 1.2900.

 

USD/JPY

The US dollar extended its recovery and reached 112.00 during the Asian session. The pair bounced off the hurdle and slightly eased afterwards. The resistance lies at 112.00, the support comes in at 111.00.

USD/JPY needs to regain at least the 112.00 zone to ease the immediate bearish pressure. If buyers fail the spot will turn back to 111.00.

 

XAU/USD

Sellers' resistance around 1260 was strong enough to reject bulls downwards. The XAU/USD pair bounced from the level and eased to 1245. Despite the decline the precious metal remained in a near-term upward channel. The resistance exists at 1250, the support stands at 1240 dollars per ounce.

We consider the current decline as corrective. We guess buyers decided to take some profit as they lifted the spot high enough. Besides, the level 1260 appeared to be a strong obstacle to crack. Taking into consideration the overbought conditions the pair might decline to 1240 dollars per ounce. If the level stands gold prices have a chance to reclaim 1260. If the level falls sellers might push the price to 1235 dollars per ounce.

 

Brent

Brent reversed all its recent losses and was able to retest 50.50. Buyers posted a local high at 50.90 and returned to 50.50 afterwards. The resistance lies at 50.50, the support lies in at 49.50 dollars per barrel.

If the bullish momentum persists bulls will push the benchmark to 51.50 dollars per barrel.

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