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CURRENCIES TECHNICAL ANALYSIS August.11

Euro

The bearish sentiment remained intact on Friday. Sellers pushed the price to 1.1750 in the European session and struggled with the level afterwards. The resistance resides at 1.1800, the support comes in at 1.1750.

After a close below the support at 1.1750 we could see EURUSD extend its declines down to 1.1700.

 

Pound

The pound left the 1.3000 region and headed towards 1.2950 in the European session on Friday. The resistance lies at 1.3000, the support comes in at 1.2900.

We believe the pound will remain offered in the near-term. A downtrend will start as soon, as the pair drops below the support level 1.2900.

 

USD/JPY

The USD/JPY pair remained in red figures on Friday. The spot found a decent support at 109.00 and was flirting with the level during the European session. The resistance lies at 110.00, the support comes in at 109.00.

If sellers succeed and fixe below the 109.00 level, the market may resume its descending trajectory towards 108.50.

 

XAU/USD

Gold prices met a barrier at 1290. The spot stopped its advance and formed a sideways channel between 1290 and 1285. The resistance exists at 1290, the support stands at 1280 dollars per ounce.

Gold prices still have a chance to retake 1290. If they succeed they will push this market towards 1300 dollars per ounce.

 

Brent

Bulls encountered a strong resistance around 53.50 and had to retreat. As a result, Brent oil prices sharply dropped to 51.50 where the downward momentum lost steam. The level rejected the benchmark which slightly strengthened ahead of the NY opening. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

We expect a pull back now. The price may grow to 52.00 dollars per barrel. As we can see the benchmark is about to change its tendency and may turn bearish any moment now. If this happens the price will ease further and may reach 50.50 in the coming sessions.

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