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Evening update for currencies & commodities 16/8/2017

News Date: 16/8/2017 05:45:29
 

The EURUSD pair keeps its consolidation above the important support 1.1704, to keep the bullish trend valid for today, carried by the ascending channel mentioned this morning, waiting to surpass 1.1783 to confirm the continuation of rising towards 1.1910, while the price needs to settle above 1.1704 and 1.1675 levels to guarantee the continuation of the expected bullish trend.

Sterling rises on its way to return to the main bullish trend, waiting to surpass 1.2930 then 1.3000 levels to confirm getting rid of the correctional bearish pressure and continue the bullish trend on the short term basis, noting that breaking 1.2850 will put the price under more negative pressure to head towards 1.2749 as a next target.

The USDJPY pair begins to test the important resistance at 111.00, waiting to surpass this level to confirm the continuation of the bullish trend towards our next target at 112.00, reminding you that settling above 109.90 is important to continue the expected rise.

Gold prices witness stability since morning and still around 1270.00, and the bullish trend remains dominant conditioned by settling above 1255.77, noting that our waited positive targets begin at 1295.46 then 1320.00.

Crude oil still stable below the previously broken support of the ascending channel, to keep the bearish trend expected for today, as its targets begin at 47.22 and extend to 46.23, while its continuation requires settling below 48.44.

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