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CURRENCIES TECHNICAL ANALYSIS August.23

Euro

The euro bounced from the lower limit of the upward channel. The major pulled back from the 1.1750 level and rallied to 1.1800 during the European trades. The resistance resides at 1.1800, the support comes in at 1.1750.

A break above 1.1800 risks a growth towards the resistance at 1.1850.

 

Pound

The bears tightened their grip and sent the rate towards the 1.2800 handle. The downward impetus eased after touching the level in the late Tuesday. The pound spent the night at the level and started a new attack in the morning. The resistance lies at 1.2900, the support comes in at 1.2800.

The technical picture presents a bearish tone. If we see a close below 1.2800 we will sell towards 1.2700.

 

USD/JPY

Bulls failed to sustain a recovery. Buyers just approached the upper limit of the downward channel where they lost momentum. The currency pair softened after that erasing a minor portion of its recent gains. The resistance lies at 110.00, the support comes in at 109.00.

We believe the bearish trend will remain intact. However, we would be selling the pair only if the price drops below 109.00.

 

XAU/USD

Gold continued trading between 1290 and 1283 dollars per ounce. The resistance exists at 1290, the support stands at 1280 dollars per ounce.

All eyes are right now at the support level 1280. A break here will trigger additional downward momentum towards 1270 and 1260 dollars per ounce.

 

Brent

Bulls failed to sustain a recovery on Tuesday. Sellers regained control later the day and pushed the price lower. The benchmark was declining the whole NY session and reached 51.50 in the early Asian one. Brent remained around the level during the late Asian and the whole European sessions on Wednesday. The resistance lies at 52.50, the support lies in at 51.50 dollars per barrel.

As the most probable scenario, we consider further moving downwards towards the level at 50.50.

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