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CURRENCIES TECHNICAL ANALYSIS August.22

Euro

The softer tone in the US Dollar allowed the euro to reverse some losses. The pair bounced from 1.1750 and rallied to 1.1800. However, buyers lost momentum around the level. As a result, the pair turned around and sharply dropped to 1.1750. The resistance resides at 1.1800, the support comes in at 1.1750.

If the bearish tone persists the pair might extend its losses towards 1.1700.

 

Pound

The ask tone around the GBP pushed the major to the lower limit of the current range. Sellers started an attack in the late Asian session and continued pushing the price downwards in the European one. The major was struggling with 1.2850 in the mid European session. The resistance lies at 1.2900, the support comes in at 1.2800.

If the undertone for GBP remains negative a move the 1.2850 level will favor an advance down to the 1.2800 region. The next sellers’ target is 1.2750.

 

USD/JPY

The USD/JPY remains under pressure due to the ask sentiment around the dollar. The spot changed its direction on Monday, returned to 109.00 and advanced to 109.50. The currency pair remained unchanged on Tuesday hovering above 109.00. The resistance lies at 110.00, the support comes in at 109.00.

We believe the US dollar will remain under pressure. The level 108.00 is the next sellers' target.

 

XAU/USD

Bulls failed to sustain a recovery. They just pierced the 1290 hurdle and stopped a few pips above it. The spot turned around on Tuesday and headed downwards. The resistance exists at 1290, the support stands at 1280 dollars per ounce.

It is getting hard for bulls to lift the price. A failure to hold above 1290 will bring fresh bearishness to the pair. In this potential scenario sellers may drive the spot to 1270 dollars per ounce.

 

Brent

Bulls failed to consolidate above 52.50 dollars per barrel. Unexpected selling pressure returned the benchmark below the mentioned level. Brent sharply dropped to 51.50 where the downward pressure eased. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

Any move below the immediate support would increase chances of testing the 50.00 handle.

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