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CURRENCIES TECHNICAL ANALYSIS August.3

Euro

EUR/USD failed to retake 1.1900 and retreated immediately after touching the level. The spot declined to 1.1850 where the pair spent the night and the morning. The euro remained under pressure ahead of the NY opening. The resistance resides at 1.1850, the support comes in at 1.1800.

The pair is declining amid fresh offers around 1.1900. The price may ease to 1.1770 where the lower limit of the upward channel lies.

 

Pound

The pound extended its side trades staying between 1.3200 and 1.3250 during the night trades. Bulls made an attempt to fight back control in the morning to push the major out of the range. The major just pierced the upper limit of the range but failed to break it. The market turned bearish and dropped to 1.3150. The resistance lies at 1.3200, the support comes in at 1.3100.

Sellers may drive GBP/USD pair to1.3100 in the coming sessions. After breaking the level the major may ease to 1.3000.

 

USD/JPY

The US dollar recovery stalled at 111.00. The pair turned around after testing the level. The spot pushed away from the hurdle and dropped to 110.30 first. A buying interest emerged in the night and lifted the price back to 111.00. The resistance lies at 111.00, the support comes in at 110.00.

Buyers keep trying to regain 111.00. If they succeed the major may extend its gains to 111.50. If they fail we will be selling the pair to 109.00.

 

XAU/USD

The technical picture presents a slightly bearish tone. The sellers managed to lead the price from 1270 to 1260 where the yellow metal started Thursday. The spot spent the first part of the day around the level. The resistance exists at 1270, the support stands at 1260 dollars per ounce.

We are still bullish. However, bulls’ inability to post fresh gains makes us think that they lost momentum. If so, the spot may ease to 1250 dollars per ounce.

 

Brent

Brent touched the lower boundary of the upward channel and bounced upwards afterwards. Buyers reversed the majority of its recent losses and returned the benchmark to 52.50. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

A break above 52.50 may suggest further growth towards 53.50 dollars per barrel.

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