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CURRENCIES TECHNICAL ANALYSIS July.28

Euro

The market changed its sentiment to bearish the other day. The euro bounced from 1.1750 and dropped to 1.1650. The handle rejected the major which edged higher and reversed majority of its losses reaching 1.1750 by the NY opening. The resistance resides at 1.1750, the support comes in at 1.1700.

If sellers break below 1.1650 the next level to focus on is 1.1600. If the level stands the major may bounce back to 1.1750-1.1780.

 

Pound

The market switched the tone to bearish after testing 1.3150. The pound broke 1.3100 and stopped its decline at 1.3050. The major recovered to 1.3100 during the night trades. However, buyers failed to retake the level and the spot stayed around the hurdle. The resistance lies at 1.3100, the support comes in at 1.3000.

If we see a close below 1.3050 we will sell towards 1.3000. If the major bounce from the mark buyers may regain control sending this market to 1.3100-1.3150.

 

USD/JPY

After a short-lived correction USD/JPY sharply dropped and retested 111.00. Bids around the handle stopped its decline and rejected the price. The spot pulled back but remained around the level. The resistance lies at 112.00, the support comes in at 111.00.

The technical picture presents a bearish tone. To trigger additional downward momentum towards 110.60 the price needs to break the level 111.00.

 

XAU/USD

Gold prices turned around when the spot reached 1265. Sellers drove the price to 1255 where they lost momentum. The precious metal returned to 1265 afterwards. The resistance exists at 1270, the support stands at 1260 dollars per ounce.

If we see a close below 1250 we will sell towards 1240 dollars per ounce. Otherwise, gold may recover to 1270.

 

Brent

Brent keeps trending upwards. Buyers lifted the price to 51.50 and broke the level afterwards. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

A daily close above 51.50 will trigger gains towards 52.50 dollars per barrel.

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