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CURRENCIES TECHNICAL ANALYSIS August.7

Euro

The euro sharply dropped on Friday. The major broke 1.1850, 1.1800 and tested 1.1750. Despite the decline the spot remained in an upward channel. The euro tried to build a recovery on Monday. The single currency strengthened to 1.1800. The resistance resides at 1.1800, the support comes in at 1.1750.

The single currency is likely to continue its negative slide. Sellers may lead the price to 1.1650.

 

Pound

The pound continued its negative trajectory last week. Sellers broke 1.3100 and almost reached 1.3000. The pound found a strong resistance at 1.3030 and spent Monday around the mark. The resistance lies at 1.3100, the support comes in at 1.3000.

The pound is about to leave the upward channel. A move below 1.3000 will extend sellers’ gains down to 1.2900.

 

USD/JPY

Fresh bids around 110.00 helped the US dollar to revert its recent losses. The spot pushed away from the level and rallied towards 111.00 where the USD spent Monday. The resistance lies at 111.00, the support comes in at 110.00.

A daily close above 111.00 may generate fresh bullish signal for further strengthening, which could extend up to 111.50.

 

XAU/USD

Bulls gave up control on Friday giving the way to sellers. The market moved down, broke 1260 and stopped at 1255. After testing 1255 the yellow metal pulled back and returned to 1260 where the spot spent the whole Monday. The resistance exists at 1260, the support stands at 1250 dollars per ounce.

To maintain control sellers need to fixate below 1250. A daily close below the handle may open the way for further decline to 1245 dollars per ounce.

 

Brent

Brent continued its trades between 52.50 and 51.50 on Monday. The benchmark started the day around the upper boundary of the range and reached 51.50 by noon. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

We prefer to stay neutral for now. We expect further sideways trades in the coming days.

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