EUR/USD Technical view
SPOT EUR/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1.3626 | 1.3656 | 1.3595 | 1.3615 | -0.0016 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1.3900 |
| R2 | 1.3800 |
| R1 | 1.3660 |
| |
| S1 | 1.3600 |
| S2 | 1.3570 |
| S3 | 1.3460 |
EURO ended the session on Tuesday with losses of 0.12%, versus the greenback, inching lower in a volatile session. The pair is holding above crucial near term supports at 1.3550; bottom end of the medium term bullish channel, where the downside is likely to be capped before we could see EURO rally to 1.3800- 1.3900. However, close below 1.3550, the pair could slide to 1.3350, negating the near term bullish view. The medium to long term view remains bullish 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.1.3580 with a stop at 1.3530 for a profit target of 1.3800
GBP/USD Technical view
SPOT GBP/USD Previous day OHLC
| Open | High | Low | Close | Change |
| | |
| 1.6402 | 1.6437 | 1.6373 | 1.6399 | -0.0005 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1.6600 |
| R2 | 1.6500 |
| R1 | 1.6460 |
| |
| S1 | 1.6320 |
| S2 | 1.6260 |
| S3 | 1.6140 |
Sterling ended the session on Tuesday flat, with a negative bias, versus the greenback, closing flat for the second successive session. Near term view bullish, but there is a likelihood of the pair testing supports at 1.6250- 1.6300; bottom end of the medium term bullish channel, where the downside could be capped. On the upside, 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
TREND DIRECTION
- Short term: Bullish
- Medium term: Bullish
- Long term: Bullish
TRADING RECOMMENDATIONS
Short:
Long:
- 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 |
| | |
| 1237.56 | 1245.25 | 1224.59 | 1231.49 | -6.10 |
Today's Support and Resistance
| Resistance |
| Support |
| R3 | 1283.00 |
| R2 | 1262.00 |
| R1 | 1245.00 |
| |
| S1 | 1230.00 |
| S2 | 1222.00 |
| S3 | 1216.00 |
Spot gold ended the session on Tuesday with losses of 0.49%, capping five successive winning sessions, the longest since August 2013. Near term, the gains are likely to extend 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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