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CURRENCIES TECHNICAL ANALYSIS August.2

Euro

The EUR/USD is still in an upward channel. The price bounced from its lower limit at 1.1800 in the night and approached 1.1850. The resistance resides at 1.1850, the support comes in at 1.1800.

We will consider any decline as corrective. In the scenario where buyers preserve control the EUR/USD pair may retake 1.1850.

 

Pound

Bulls failed to continue their advance on Wednesday. Inability to post fresh gains caused some profit taking. The pound returned to 1.3200 and stayed around the level afterwards. The resistance lies at 1.3300, the support comes in at 1.3200.

The current US dollar recovery put on hold bulls’ plans. Nevertheless, the trend is bullish and the current decline should not last long. Our next target to focus on is 1.3250.

 

USD/JPY

Sellers failed to extend their gains and stepped away. However, buyers did not have strength to boost the market either. The US dollar bounced from the border of the oversold zone and jumped to 111.00 in the Asian session. Buyers lost steam around the level and pulled back. The resistance lies at 111.00, the support comes in at 110.00.

The sentiment is negative, however, sellers do not hurry to take any action. If they pause their attack at 110.00 buyers may use this chance to reverse some losses.

 

XAU/USD

The XAU/USD pair remained in an uptrend. However, the spot caught fresh offers around 1275 and edged lower. Sellers drove gold prices to 1270 first and then broke the level and advanced down to 1265. The resistance exists at 1270, the support stands at 1260 dollars per ounce.

We are still bullish. However, taking into consideration the overbought readings gold may correct now. The price may ease to the lower limit of the upward channel at 1260 dollars per ounce.

 

Brent

Brent came under renewed selling pressure on Tuesday. The benchmark sharply dropped from 52.90 to 51.50 dollars per barrel. The level slowed down sellers who lost steam over there and stayed around the hurdle afterwards. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

If the bearish scenario prevails Brent oil prices may ease further towards 50.50-50.00.

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