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Evening update for currencies & commodities 9/8/2017

News Date: 9/8/2017 06:16:48

The EURUSD pair still stable below 1.1783 level, to keep the bearish trend expected for today, which its targets represented by testing 1.1704 then 1.1640 levels, while surpassing 1.1783 represents the key to return to the main bullish trend and stop the current bearish correction.

Sterling tests the important resistance at 1.3000, as it has positive momentum now that pushes the price to achieve some gains, noting that rallying to surpass the next resistance barrier at 1.3108 will bring the price back to the main bullish trend, while consolidating below 1.3000 will keep the bearish trend dominant for the coming period, and the next target is located at 1.2930.

The USDJPY pair succeeded to break 109.90 level and settles below it, to fall under more negative pressure that we expect to push trades towards 107.83 in the coming period, to keep the bearish trend valid for today unless surpassing 110.30 level and settling above it.

Gold prices witness stability since morning and move near the first resistance 1273.00, waiting to surpass this level to confirm the continuation of the bullish rally towards 1295.46, reminding you that settling above 1255.77 is important to continue the expected bullish trend.

Crude oil returns to achieve gains and approaches from the important resistance 49.50, as we mentioned in our morning report that surpassing this level is required to confirm the continuation of the bullish trend, which its next target located at 50.42, while achieving it requires settling above 48.44.

The US dollar index shows slight decline that indicates heading towards resuming the main bearish trend, as the main negative pressure still valid as long as the index is stable below 94.44, waiting to move towards our main target at 91.91.

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