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CURRENCIES TECHNICAL ANALYSIS August.8

Euro

The euro started the week on the defensive. Buyers managed to lead the price to 1.1800 where they lost momentum. The price is still around the level gathering steam for the next move. The resistance resides at 1.1850, the support comes in at 1.1800.

We await a break below 1.1750 to trigger another leg lower.

 

Pound

The pound traded in a narrow range 1.3000-1.3050 during the night and morning sessions. The major bounced from the lower limit of the range in the Asian session and grew to its upper one by the morning. The major remained around its local highs during the European session. The resistance lies at 1.3100, the support comes in at 1.3000.

Sellers are struggling hard to break below 1.3000. However, bulls protect the level well not allowing sellers to approach it.

 

USD/JPY

The US dollar traded in a tight range between 111.00 and 110.70 during the Asian session. The selling pressure increased in the morning. The spot left the range and reached 110.50 by noon. The resistance lies at 111.00, the support comes in at 110.00.

Buyers keep gathering steam to resume their upside impulse. If they succeed the spot will retake 111.00. If they fail the major will return to 110.00.

 

XAU/USD

After posting fresh lows at 1254 gold prices pulled back and returned to 1260 dollars per ounce. The price traded in a tight range between 1260 and 1257 during the night trades. A buying momentum emerged in the morning and helped the yellow metal to leave the range. The price broke 1260 and headed towards 1265. The resistance exists at 1270, the support stands at 1260 dollars per ounce.

If gold keeps its upbeat tone unchanged the spot may grow further towards 1265 dollars per ounce.

 

Brent

Brent opened green on Tuesday. The price bounced from 52.00 and moved upwards. Buyers tested 52.50 in the morning. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

The benchmark is still in the range between 52.50 and 51.50 dollars per barrel. Brent has a chance to retake 52.50 today. If bulls reclaim the level oil prices will advance up to 53.00. Otherwise, Brent will return into the range.

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