The single currency kept the upbeat tone unchanged vs. its US peer on Friday. The major stuck in an upward channel hanging between 1.1900 and 1.1850. The resistance resides at 1.1900, the support comes in at 1.1850.
If the euro maintains its bullish bias the pair may retake 1.1900. A break above the hurdle will show room for further upside towards 1.2000.
Fresh selling pressure around the British pound sent GBP/USD to fresh lows. The Cable sharply dropped to 1.3100 and stayed around the level afterwards. Despite the unexpected weakness the major is still in an upward channel and is trying to build on a correction. The resistance lies at 1.3200, the support comes in at 1.3100.
A pullback or consolidation is expected in the market in the near term.
The yen maintained control of the flows. The US dollar remained under heavy selling pressure staying prone to further weakness. Sellers drove the spot to 110.00 and tried to regain the level during the Asian hours. The level stopped sellers who remained around the level afterwards. The resistance lies at 111.00, the support comes in at 110.00.
A daily close below 110.00 may generate fresh bearish signal for further weakness, which could extend to 109.00.
Buyers stopped bears’ attack at 1260 dollars per ounce. Fresh bids around the handle helped gold prices to reverse some previous losses and returned the spot to 1270. The resistance exists at 1270, the support stands at 1260 dollars per ounce.
It is hard to predict the further direction which gold prices may choose. The tendency is still positive, however, bulls are too exhausted to advance further. If sellers get the ball XAU/USD may correct to 1250 dollars per ounce. If 1270 falls that will indicate that the bulls phase has resumed.
Brent touched the upper boundary of the upward channel and bounced downwards. Sellers reversed the majority of its recent losses when they returned the benchmark to 51.50. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.
A break below 51.50 may suggest further weakness towards 50.50 dollars per barrel.
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