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Evening update for currencies & commodities 7/8/2017

News Date: 7/8/2017 07:24:59
 

The EURUSD pair keeps its stability above 1.1783 level, to support the continuation of our bullish trend expectations for today, which moves inside main ascending channel that we expect to push the price towards 1.1930 then 1.2000 initially, noting that breaking 1.1783 will push the price to test 1.1704 initially before attempting to rise again.

Sterling moves within sideways and narrow range since morning to remain stable below the previously broken support of the ascending channel, thus, the bearish trend will remain expected for the coming period, reminding you that our first target is located at 1.2932, while surpassing 1.3080 represents the key to return to the main bullish trend again.

The USDJPY pair shows some calm positive attempts to approach from the important resistance 111.00, reminding you that surpassing this level will push the price to turn its intraday track to rise and visit 112.00 mainly, while breaking 110.60 is required to confirm the return of the bearish trend domination, as the next main target is located at 109.90.

Gold prices still stable near 1255.77 level, and RSI continues to attempt to get positive momentum that helps the price to continue the main bullish trend, to keep our bullish forecast valid conditioned by settling above the mentioned support, waiting to head towards 1295.46 mainly.

Crude oil price shows clear retreat since morning to approach from the important support 48.44 again, while the bullish trend still expected unless breaking the mentioned support, as breaking it will push the price to turn its intraday track to decline to test 47.22 level initially, while the next targets of the expected bullish wave located at 50.42 then 52.00.

The US dollar index settles below the broken support of the descending channel as mentioned in our morning report, to keep the negative pressure valid for the coming period, as our next target is located at 91.91, while achieving it requires settling below 94.44.

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