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CURRENCIES TECHNICAL ANALYSIS August.17

Euro

Buyers failed to regain 1.1800. A bout of fresh selling interest dragged the spot to 1.1700. The resistance resides at 1.1750, the support comes in at 1.1700.

The pair is below 1.1800 which means that sellers still have a chance to preserve control. If they return the euro below 1.1700 they will have a possibility to lower the market towards 1.1650.  

 

Pound

The pound remained in a new formed range between 1.2900 and 1.2850 during the European trades. However, a fresh selling interest sent this market to 1.2800. The resistance lies at 1.2900, the support comes in at 1.2800.

If sellers remain in the driver’s seat the spot may ease to 1.2800.

 

USD/JPY

The US dollar sharply dropped towards 110.00 where the major spent the night. Buyers gathered steam overnight and started pushing the price upwards in the morning. The resistance lies at 111.00, the support comes in at 110.00.

The change in market’s sentiment put on hold our plans. We prefer to wait until we see a clear picture. А return above 110.50 may increase bulls chances to retake 111.00. If the spot stays below the mark the USD/JPY pair may ease to 109.00.

 

XAU/USD

The softer tone in the US Dollar allowed gold to strengthen. The yellow metal reversed the majority of its losses. Gold prices broke 1280 and tested 1290 dollars per ounce. The resistance exists at 1290, the support stands at 1280 dollars per ounce.

Bullish scenario requires close above 1290. The XAU/USD may retest 1295 in this scenario. However, buying momentum lost its steam. Gold prices may soften to 1280 in the coming sessions.

 

Brent

Bulls’ attempt to recover some ground failed. Buyers lost momentum around 51.50 and retreated. As a result the price returned to 50.50. The resistance lies at 50.50, the support lies in at 49.50 dollars per barrel.

The immediate risk is still clearly on the downside. Brent may face further downside pressure and break below 50.50.

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