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Evening update for currencies & commodities 17/8/2017

News Date: 17/8/2017 06:13:05
 

The Euro shows clear retreat against the US dollar after it found strong resistance at 1.1783, to approach from testing the first important support at 1.1704, noting that settling above this level and above 1.1685 will keep the bullish trend valid for the coming period, which its targets located at 1.1910 then 1.2030.

Sterling witnesses stability after testing 1.2900 barrier this morning, and the price needs positive momentum that helps to rally to surpass 1.2930 and head towards our waited targets that reach to 1.3000 then 1.3108, noting that breaking 1.2850 will stop the expected rise and push the price to decline again.

The USDJPY pair shows recovery attempts to move above 109.90 level now, which requires caution from the coming trades, as settling above this level will push trades to rise again and head towards 111.00 initially, while breaking it will push the price to head towards 107.83 areas on the near term basis.

Gold prices move within sideways track and still above the main bullish trend line, to keep the bullish trend valid for today, depending on settling above 1280.00 level, waiting to test 1295.46 initially, noting that breaking 1280.00 will push the price to test 1255.77 areas again before attempting to return to rise.

Crude oil continues to retreat after consolidating below 47.00$ barrier, heading towards the first target at 46.23, waiting to break this level to confirm extending the bearish wave towards 45.24 as a next target, reminding you that the continuation of the bearish trend requires settling below 48.44.

The US dollar index provides some calm positive attempts but it's still below 94.44, thus, the overall bearish trend still valid, waiting to head towards 91.91 then 91.35 levels as next targets.

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