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CURRENCIES TECHNICAL ANALYSIS August.18

Euro

The EUR/USD pair extended its phase of consolidation sub-1.1750 hurdle on Friday. The price grew to the upper limit of the range overnight and tested 1.1750 in the morning. However, bulls' attempt to recover stalled at 1.1750. Fresh offers around the hurdle turned this market bearish. The resistance resides at 1.1750, the support comes in at 1.1700.

If the level 1.1700 stands we expect the spot to erase its losses. In the scenario where sellers regain control the euro may soften down to 1.1650.

 

Pound

Buyers appeared to face exhaustion after the Asian pull back. The pound just tested the 1.3000 level and stopped. The overall picture remains negative. The resistance lies at 1.3000, the support comes in at 1.2900.

As the most probable scenario, we consider further moving downwards towards the level at 1.2800.

 

USD/JPY

The US dollar remained well offered on Friday. The major traded in the negative ground the whole night and the first part of the day. Sellers lead the pair to 109.00 by noon where they stopped. The resistance lies at 110.00, the support comes in at 109.00.

If bears retain control the pair may extend its bearishness to 108.00.

 

XAU/USD

The pair remained in an uptrend on Friday. Strong bullish sentiment helped gold prices to break 1290 and is driving the spot towards 1300 now. The resistance exists at 1300, the support stands at 1290 dollars per ounce.

A sharp breakout above 1290 could spark a further incline towards 1300 in the coming sessions.

 

Brent

Brent failed to sustain recovery. Bulls managed to drive the price to 51.50 where the benchmark lost momentum. The resistance lies at 51.50, the support lies in at 50.50 dollars per barrel.

Inability to reclaim 51.50 may turn this market bearish. The price may bounce from the hurdle and ease to 50.00.

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