Tuesday, 17 July 2018
FX TS, 17/07/18
EUR / USD - the pair approaches the upper border of the sideway range
The situation in this market practically did not change during Monday trading session. The pair continues the restrained growth towards the upper limit of the wide sideway range, which is the $ 1.1755- $ 1.1760 zone. We also see this level as a significant level of resistance, so new longs at current levels are extremely risky. It is also risky to sell at current levels.
Trading recommendations-out of the market
GBP / USD - uncertainty persists
Despite the impressive Friday upward pullback off 1.3080, the pair could not gain a foothold above resistance level 1.3270 - the most important resistance for the continuation of positive dynamics. In early Tuesday trading, the pair is consolidating in a narrow range between 1.3270-1.3210. The situation is not completely clear as well. It is better to wait for the development of today's session event-Jerome Powel speech, but we are looking forward the downward movement to resume.
Trading recommendations - accurate shorts from 1.3275
USD / JPY pullbacks to the nearest support area
After an impressive growth, the pair reached a local maximum in the 112.70 zone. Correction followed and the pair rolled back to area 112.20. How strong is this local support? The development of the situation will depend on the US dollar. Taking into account the recent rally and market overbought - we assume to remain out of the market for some time. The next support is located in the zone 111.90.
Trading recommendations - out of the market
Gold - traded near the local bottom - level 1240
The pressure on gold persists for the last two days. However, the strategic support level of $ 1240- $ 1239 looks firm, and we can expect a local upward pullback on the background of the oversold market.
Trade recommendations- longs in the $ 1239- $ 1240 zone
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