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CURRENCIES TECHNICAL ANALYSIS June.21

GBP/USD

The British pound is still in the downward channel. Selling pressure is holding the spot around its lower end. Bears gathered enough steam to extend their gains on Thursday. The sterling pushed away from 1.3200 and headed towards 1.3100. The technical indicators are giving us sell signals. MACD is declining in the negative area. RSI is still oversold. The 50, 100 and 200 EMAs continued their negative slide. The resistance resides at 1.3200, the support comes in at 1.3100.

We assume that GBP will remain well offered today. We are waiting for another move lower towards the level 1.3100.

Gold

Gold remained in red figures on Thursday. The metal kept losing ground yesterday and was able to regain the 1275 level. The bearish momentum persisted after that and gold dropped to the 1270 handle. After a brief pause sellers continued the negative bias and pushed the spot towards 1265. They tested the mark in the morning hours and bounced off it at once. The moving averages kept moving downwards. MACD is in the negative territory. RSI reached the oversold area and is staying in it. The resistance resides at 1270, the support comes in at 1260.

The expected dollar strength will likely to keep gold under pressure. Sellers might continue to dominate and probe the 1255 area today or tomorrow.

Brent

The recovery move stalled at the 75.50 area yesterday. Sellers regained control after that and sent the rate towards 73.50. Brent undertone remained negative on Thursday. Bears retook the level 73.50 in the night and pushed the benchmark towards 73.00. Brent found fresh bids around this mark and bounced back after touching it. The technical indicators are on the sellers’ side. MACD is in the negative area. RSI is neutral, however, it is moving downwards towards the oversold area. The moving averages are still moving south. The resistance stands at 73.50, the support is at 72.50.

Sellers are heading towards 72.00 and we believe they will reach this mark in the US session.

NZD/USD

Sentiment remained negative on Thursday. The spot opened on a weaker note and continued its slide. Sellers regained the 0.6850 level and pushed the price towards 0.6800. However, the downward pressure partly eased when NZD touched the 0.6825 mark. The spot bounced off this area and recovered back to 0.6850. The 50, 100 and 200 EMAs accelerated their declines. All moving averages keep heading lower. MACD is in the negative area. RSI is oversold. The resistance stands at 0.6900, the support is at 0.6850.

The bearish break has the potential to continue dragging the pair further below the 0.6850 mark towards testing the 0.6800 region.

NASDAQ

NASDAQ remained in an upward channel on Thursday. The buying momentum eased when the benchmark touched the level 7290. This barrier appeared to be well defended by sellers who rejected the price downwards. The moving averages are all pointing higher. MACD is growing in a positive area. RSI bounced off the overbought territory and is neutral now. The resistance stands at 7290, the support is at 7230.

The overall picture is increasingly bullish. The price is retreating, however, it is a corrective move which won’t last long. The EMA50, which lies in the 7230-7220 area, will most likely stop sellers and will send the rate back towards 7290.

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