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Evening update for currencies & commodities 21/8/2017

News Date: 21/8/2017 06:40:52
 

The Euro shows some slight retreat against the US dollar and it might head to test the ascending channel's support before turning back to rise again, and the price needs to consolidate above 1.1704 to keep the bullish trend valid for the coming period, reminding you that surpassing 1.1783 is required to confirm rallying towards 1.1910 initially.

Sterling keeps its stability above the breached resistance of the falling wedge mentioned in our morning report, to keep the bullish trend valid for today, which its main targets reach to 1.3000 then 1.3108, while achieving them requires settling above 1.2850.

The USDJPY pair resumes the decline and begins to push on 109.00 level, to support the continuation of the expected bearish trend in the coming period, which its next target located at 107.83, while settling below 109.90 represents important condition to continue the expected decline.

Gold prices witness some recovery after testing the main bullish trend line, to keep our positive forecast valid for today, noting that surpassing 1295.46 will confirm heading towards our next target at 1320.00, while breaking 1282.00 will push the price to test 1255.77 areas again before attempting to return to rise.

Crude oil tested the ascending channel's support line mentioned this morning and keeps its consolidation above it, which keeps the bullish trend valid and expected for today, as our first target is located at 50.42, noting that breaking 48.30 will push the price to return to the correctional bearish track again.

The US dollar index settles around 93.45, and the overall bearish trend still valid as long as the index is below 94.44, waiting to head towards our main targets that reach to 91.91 then 91.35.


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