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Evening update for currencies & commodities 28/8/2017

News Date: 28/8/2017 06:00:42
 

The EURUSD pair still above 1.1910 level that was breached previously, to keep the bullish momentum valid for the coming period, waiting to continue rising within the main ascending channel to head towards our next target at 1.2100, noting that breaking 1.1910 might push the price to test the important support 1.1783 before turning back to rise again.

Sterling still stable below 1.2930, which keeps the negative pressure valid until now, waiting to visit 1.2850 level again and attempt to break it to open the door to head towards 1.2750.

The USDJPY pair shows sideways trades and settles near 109.00 barrier, waiting for more decline to attack 108.60 level and break it to extend the bearish wave towards 107.83, reminding you that it is important to settle below 109.90 to continue the expected decline.

Gold price returns to recover and surpass 1295.46 level, supporting the expectations of continuing the bullish trend in the upcoming period, which its next target located at 1320.00, noting that breaking 1286.00 will put the price under temporary intraday negative pressure before attempting to turn back to rise again.

Crude oil approaches from testing the important support 47.22 again, which requires caution from the coming trades, as breaking it will push the price to decline and test areas that start at 46.23 and extend to 45.24, while surpassing 48.44 to the upside represents the condition of continuing the main bullish wave that its next target located at 50.40.


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