EUR/USD Technical view
SPOT EUR/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1.3670 | 1.3672 | 1.3581 | 1.3587 | -0.0083 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1.3900 |
| R2 | 1.3800 |
| R1 | 1.3630 |
| |
| S1 | 1.3550 |
| S2 | 1.3520 |
| S3 | 1.3450 |
EURO ended the session on Friday with losses of 0.60%, versus the greenback, extending its decline to the second successive session. The pair is likely to test crucial near term supports at 1.3500- 1.3550, where the downside is likely to be capped and a rally to 1.3800- 1.3900 looks very likely. However, close below 1.3500, EURO is expected to slide to 1.3350, negating the near term bullish view. The medium to long term view too remains bullish in favor of the EURO for targets of 1.4200; targets for the symmetrical triangle in an uptrend
TREND DIRECTION
- Short term: Bullish
- Medium term: Bullish
- Long term: Bullish
TRADING RECOMMENDATIONS
Short:
Long:
- At.1.3520 with a stop at 1.3480 for a profit target of 1.3800
GBP/USD Technical view
SPOT GBP/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1.6451 | 1.6474 | 1.6393 | 1.6413 | -0.0038 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1.6510 |
| R2 | 1.6480 |
| R1 | 1.6450 |
| |
| S1 | 1.6300 |
| S2 | 1.6250 |
| S3 | 1.6150 |
Sterling ended the session on Friday with losses of 0.23%, versus the greenback, capping two successive weekly gains. The pair slipped after hitting medium term targets at 1.6600; targets set by the bullish symmetrical triangle. Near term view bullish with the downside likely to be capped at 1.6250- 1.6300. Close above 1.6500, Sterling is likely to rally to 1.6700- 1.6800, with the medium to long term targets placed at 1.7100- 1.7200. Long Sterling on declines
TREND DIRECTION
- Short term: Bullish
- Medium term: Bullish
- Long term: Bullish
TRADING RECOMMENDATIONS
Short:
Long:
- Hold on to long positions initiated at 1.6400 with a stop at 1.6370 for a profit target of 1.6500
- At 1.6310 with a stop at 1.6240 for a profit target of 1.6500
GOLD Technical view
SPOT GOLD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1224.56 | 1240.00 | 1221.76 | 1236.16 | 11.65 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1280.00 |
| R2 | 1264.00 |
| R1 | 1245.00 |
| |
| S1 | 1224.00 |
| S2 | 1216.00 |
| S3 | 1198.00 |
Spot gold ended the session on Friday with gains of 0.95%, extending its gains to the fourth successive session and the second successive week. Near term, the precious metal could rally anywhere between 1260.00- 1300.00 per troy ounce with crucial near term supports placed at 1215.00- 1225.00. ONLY a close below the supports will negate the near term bullish view. The medium to long term view remains extremely bearish with spot gold likely to target 1000.00- 1050.00 per troy ounce; targets for the symmetrical triangle in a downtrend
TREND DIRECTION
- Short term: Bullish
- Medium term: Bearish
- Long term: Bearish
TRADING RECOMMENDATIONS
Short:
- At 1210.00 with a stop at 1218.00 for a target of 1190.00
Long:
- Hold on to long positions initiated at 1230.00 with a stop at 1220.00 for a profit target of 1256.00
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