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CURRENCIES TECHNICAL ANALYSIS August.10

Euro

Sellers continued to dominate on Thursday. The euro bounced from 1.1750 and weakened to 1.1700 during the night and morning trades. The resistance resides at 1.1750, the support comes in at 1.1700.

We will remain negative until the spot is below 1.1800. A move below 1.1700 will open a door towards 1.1650.

 

Pound

The pound remained in a tight range around 1.3000 on Thursday. The price moves back and forth between 1.2970 and 1.3010. The resistance lies at 1.3000, the support comes in at 1.2900.

The pound may bounce from the lower limit of the downward channel and reverse its losses up to 1.3100. In the scenario where sellers keep control the major may decline to 1.2950 – 1.2900.

 

USD/JPY

The downward structure remained unchanged on Thursday. The price bounced from its lower limit and partly reversed its recent losses during the Asian session. The upward impetus faded at 110.00 when sellers regained control. They returned the spot below 110.00 and headed towards 109.50. The resistance lies at 110.00, the support comes in at 109.00.

The US dollar is likely to remain under pressure. We await a break below 109.50 and a further decline to 109.00.

 

XAU/USD

Gold prices extended their near-term upward trajectory on Thursday. The spot finally reached 1280 in the early European session. The buying pressure remained in place during the NY session. The resistance exists at 1280, the support stands at 1270 dollars per ounce.

If XAU/USD breaks above the 1280, we think the 1290 level will become its next target.

 

Brent

Buyers managed to leave the sideways range on Thursday. Bulls broke 52.50 in the morning and headed to 53.50 afterwards. The resistance lies at 53.50, the support lies in at 52.50 dollars per barrel.

If the bullish tone persists we expect a breakout of the level 53.50 in the short-term.

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