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CURRENCIES TECHNICAL ANALYSIS August.21

Euro

The EUR/USD pair remained neutral-to-bullish flirting with 1.1750. The resistance resides at 1.1750, the support comes in at 1.1700.

The euro is struggling with upper border of the downward channel. If the spot breaks above the line the euro may extend its recovery to 1.1850. If it fails the major may soften to 1.1650.

 

Pound

The GBP/USD pair remained neutral-to-bearish staying in a tight range below 1.2900. The resistance lies at 1.2900, the support comes in at 1.2800.

If selling pressure increases the major may suffer more losses. After a daily close below 1.2850 we could see the spot extending down to the 1.2800 region during the next sessions.

 

USD/JPY

Fresh bids around 108.50 helped buyers to return some ground. The US dollar spiked, broke 109.00 and reached 109.50. However, the buying momentum faded after that and the major returned to the 109.00 region. The resistance lies at 110.00, the support comes in at 109.00.

The tendency is bearish, however, bulls have a chance to retest 110.00. If they fail the pair risks a slide to 108.00.

 

XAU/USD

Bulls gave up control after touching 1300. The yellow metal sharply dropped after that. The spot broke 1290 and stopped at 1280 where gold faced some buying rejection. The price reversed to 1290 afterwards. The resistance exists at 1290, the support stands at 1280 dollars per ounce.

The precious metal may ease to the lower limit of the upward channel at 1270.

 

Brent

Brent rallied on Friday amid fresh buying momentum. Buyers broke 51.50 and 52.50 and stopped around 53.00 dollars per barrel. The resistance lies at 53.50, the support lies in at 52.50 dollars per barrel.

Any move above the immediate resistance would increase chances of testing the 54.50 hurdle.

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