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CURRENCIES TECHNICAL ANALYSIS June.27

GBP/USD

The GBP/USD pair continued its negative slide on Wednesday. Sellers regained control on Tuesday and lowered the spot to 1.3200 where they lost momentum and spent a night session. The bearishness returned in the morning. Sellers attacked the 1.3200 level again, but failed to reclaim it in the European session. The technical indicators remained in negative territory. The moving averages are still going downwards. MACD entered the negative zone. RSI is still heading downwards. The resistance resides at 1.3300, the support comes in at 1.3200.

If sellers overcome the 1.3200 handle, the major will extend its negative bias towards 1.3100.

Gold

The overall picture remained the same. The gold is under pressure and is moving downwards in the descending channel. The spot reached the level 1260 last week and faced buying rejection over there. The price recovered to 1270 afterwards, however, the dollar’s strength didn’t allow the yellow metal to continue its recovery. Gold spent some days moving sideways against the US dollar and returned to the downside this week. The selling bias increased on Tuesday, the spot accelerated to the downside and hit a fresh low of 1255. Sellers continued to dominate in the European session on Wednesday, but failed to advance below the mentioned mark. All moving averages kept heading lower. MACD is declining in the negative area. RSI is still oversold. The resistance resides at 1260, the support comes in at 1250.

The trend is bearish and the spot may extend its sell-off any moment now. A bearish breakout below 1260 should lead to more losses towards 1250.

Brent

The bullish views are more popular now. Brent bulls were back in action on Tuesday. They broke through the 75.00-74.50 resistance area which was defended by the EMA100 and rallied towards 75.50. The positive bias remained in place after that and the benchmark strengthened to 76.50 where the EMA200 slowed down its growth. Short-term indicators like MACD and RSI entered positive territory. The 50 and 100 EMAs started to change their course while the EMA200 is still heading lower. The resistance stands at 76.50, the support is at 75.50.

Brent will keep a bullish bias as long as it stays above 74.50. Bullish scenario requires a close above 76.50. In this case, the price may reach the 77.50 level.

NZD/USD

Sellers are having the ball right now. They returned control last week and after spending Monday in the 0.6900 area continued the negative trajectory yesterday. The spot moved lower driven by the renewed selling interest and tested 0.6850. Sellers preserved control in the Asian session as well. They broke through 0.6850 in the mid-Asian session and sent the rate to 1.6820, Technical indicators are flashing bearish signals. The moving averages are heading lower. MACD is in the negative area and is declining. RSI is oversold now. The resistance stands at 0.6850, the support is at 0.6800.

The selling momentum is strong enough to overcome the level 0.6800. The pair could encounter the next technical support at 0.6700.

NASDAQ

The recovery move from 6980 stalled in the 7050 region. Buyers lost momentum and NASDAQ dropped to the 6980 handle. This level seems to be guarded by buyers who once again rejected the price upwards. However, the market recovered only to 7010 this time. As we can see, sellers are strong, they ignored the buyers’ attempt to regain control and kept pressuring the benchmark towards the immediate support. The EMA50 is crossing the EMA100 downwards which is a strong sell signal. The EMA100 is changing its direction while the EMA200 is still moving upwards. MACD is in the negative area. RSI is oversold as well. The resistance stands at 7050, the support is at 6980.

NASDAQ should be on its way to achieve further lows the days ahead. If the benchmark leaves behind the 6980 level, it could reach 6920 in the coming sessions.

DAX

DAX continued to hang on the downside on Wednesday. However, sellers stuck between 12300 and 12200 and cannot leave this range. Every its attempt to extend their gains faced buyers' resistance who returned the benchmark to the range. The technical indicators are in negative territory. The 50, 100 and 200 EMAs continued moving downwards. MACD is declining in the negative area. RSI is oversold. The resistance stands at 12300, the support is at 12200.

A break below 12200 will probably maintain sellers in the driver's seat. If they retain control, they will be able to drive DAX to 12100, en route to 12000.

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