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Evening update for currencies & commodities 24/8/2017

News Date: 24/8/2017 05:25:38
 

The EURUSD pair is testing 1.1783 level now, and the price needs to settle above it to guarantee continuing the bullish bias for today, as breaking it will push the price to test the most important support a t1.1704 before turning back to rise again, while our waited targets begin at 1.1910 and extend to 1.2000.

Sterling still stable inside the descending channel, to keep the bearish trend valid for the coming period, which its targets located at 1.2750 and extend to 1.2588, while achieving it requires settling below 1.2850.

The USDJPY pair shows some recovery now on its way for new test to the important resistance 109.90, noting that settling below this level will keep the bearish trend expected for the coming period, reminding you that our waited targets begin at 108.60 and extend to 107.83.

Gold price is testing the main bullish trend line now at 1284.00, and the price needs to consolidate above this level to keep the bullish trend valid for today, as breaking it will push trades to head towards 1255.77 before turning back to rise again, while our positive targets begin at 1295.46 then 1320.00.

Crude oil price is facing strong resistance at 48.44 to force it to provide some negative trades now, and we need to monitor the coming trades carefully, as breaking 47.85 is considered as weakness signal for the bullish trend to head to test the most important support to the short term trading at 47.22, reminding you that breaking this level will push the price to suffer more losses that reach to 46.23 then 45.24, while surpassing 48.44 represents the key to rally towards 50.42 initially.


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