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CURRENCIES TECHNICAL ANALYSIS August.15

Euro

Sellers managed to reclaim 1.1800 and moved the price towards 1.1750. The level did not stop sellers who reached 1.1700 afterwards. However, fresh bids around the level rejected the spot upwards. The pair returned to 1.1750 and spent there the first part of the day. The euro continued its slide targeting at 1.1700 in the late European session. The resistance resides at 1.1750, the support comes in at 1.1700.

A move below 1.1750 will confirm sellers' strength. Below 1.1750 EUR/USD will likely target at 1.1700 and 1.1650.

 

Pound

The pound remained under pressure due to the bid sentiment around the dollar. Sellers pushed the price to the lower limit of the current range during the Asian trades. The pound left the range in the morning. Sellers were able to regain 1.2900 in the mid-European session. The major advanced to 1.2850 in the NY session. The resistance lies at 1.2900, the support comes in at 1.2800.

The pound is likely to reach 1.2850 soon and will advance to 1.2800 after that.

 

USD/JPY

The US dollar stalled its recovery on Tuesday. After breaking 110.00 the spot advanced up to 110.50 where the major lost momentum. The resistance lies at 111.00, the support comes in at 110.00.

The USD/JPY pair is approaching the upper boundary of the downward structure. A move beyond the downward channel will neutralize the downward pressure. The next target for this pair is 111.00.

 

XAU/USD

The bid tone around the US dollar pushed gold to the 1270 handle. The metal failed to retake the level and pulled back. The resistance exists at 1280, the support stands at 1270 dollars per ounce.

If a downward pressure persists the pair may reclaim 1270 dollars per ounce.

 

Brent

The short term picture favors the downside. Brent stopped losing ground when the benchmark touched 50.50. After touching the level oil prices started a consolidation phase which lasted the night and the morning. A bout of fresh selling pressure emerged in the late European session. Brent oil prices attacked 50.50 again and reclaimed the handle this time. The resistance lies at 50.50, the support lies in at 49.50 dollars per barrel.

Technical readings favor another leg lower. We believe Brent may reach 49.50 in the short-term.

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