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CURRENCIES TECHNICAL ANALYSIS August.14

Euro

EUR/USD bounced from 1.1750 and EMA100 on Friday. The pair rallied afterwards and reversed the half of its recent losses. However, the level 1.1850 stopped the spot and rejected it downwards. The resistance resides at 1.1850, the support comes in at 1.1800.

After a close above 1.1850 we could see EURUSD extending its growth up to 1.1900. If buyers fail to retake the level the euro may start losing its value. The price may ease to 1.1600 in this case.

 

Pound

When buyers failed to leave the current range sellers decided to take their chance again. A fresh selling pressure emerged in the early European session. As a result the pound made an attempt to reach 1.2980. The resistance lies at 1.3000, the support comes in at 1.2900.

It is hard to predict where the price may go now. Technically, the pound is under pressure, however, bears have no steam to drive the market downwards. On the other hand, the spot is oversold and we do not rule out an upward correction towards 1.3100.

 

USD/JPY

The overall tone is still negative. However, USD/JPY continued its recovery on Monday. The recovery started at 109.00 and the US dollar was able to reach 109.60 by noon. The resistance lies at 110.00, the support comes in at 109.00.

If sellers succeed and fix below the 109.00 level, the market may resume its descending trajectory towards 108.50. Meanwhile, the major is recovering amid some profit-taking.

 

XAU/USD

Buyers continued to struggle with 1290. However, all their attempts faced sellers' resistance around the hurdle. The level rejected the price in the mid-European session. The price sharply dropped and reached 1280 at noon. The resistance exists at 1290, the support stands at 1280 dollars per ounce.

A sharp breakout below 1280 could spark a further decline towards 1270 in the coming sessions.

 

Brent

Brent oil prices found a decent support at 51.50. Sellers failed to push the benchmark lower and retreated after that. The price bounced from the handle and escalated up to 52.00. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

As the most probable scenario we expect another attempt to regain 51.50.

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