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12 August 2020
EUR/USD Forecast: Bullish potential still limited short-term
EUR/USD short-term technical outlook
The EUR/USD pair has briefly fallen below the 23.6% retracement of its July/August rally at 1.1740,t settling a few pips below it. From a technical point of view and in the short-term, the bullish potential seems limited, given that in the 4-hour chart, the pair was unable to advance beyond a bearish 20 SMA. The 100 SMA, however, continues heading north at around 1.1720, providing dynamic support. Technical indicators, in the meantime, corrected oversold conditions but resumed their declines within negative levels.
Support levels: 1.1720 1.1690 1.1650
Resistance levels: 1.1770 1.1810 1.1845
https://www.investing.com/charts/forex-charts
GBP/JPY Price Analysis: Bulls keep the reins above 139.00 ahead of UK GDP
GBP/JPY picks up the bids near 139.10, up 0.10% on a day, during Wednesday’s Asian session. The pair surged to the fresh high since June on Tuesday before retracing a bit. However, the quote’s successful trading above 61.8% Fibonacci retracement level of December 2019 to March 2020 fall justifies the previous break of a falling trend line from December 12, 2019.
Even so, the pair remain on the bull’s radar unless it slips below 138.80 comprising the key Fibonacci retracement level, a break of which could drag it to 137.65/60 support confluence including 200-day SMA and the said resistance-turned-support line.
On the contrary, the pair’s further upside eyes June month’s high of 139.75 as immediate resistance ahead of the 140.00 threshold and a five-month-old ascending trend line near 140.30.
https://www.investing.com/charts/forex-charts
Silver Price Analysis: XAG/USD adds 3.0% to Tuesday’s losses as MACD turns bearish
Silver prices stay pressured despite bouncing off $23.43 to $24.10, down 3.0% on a day, during the pre-European session on Wednesday. The metal broke an ascending trend line from July 17 the previous day whereas its intraday low of $23.43 becomes the monthly bottom.
That said, MACD turns bearish for the first time since the early-July while a sustained break of near-term key support line, now resistance, keeps the bears hopeful.
However, a daily closing below 21-day SMA level of $23.86 becomes necessary for the sellers to target $23.00 and July 28 low near $22.30.
In a case where the metal keeps declining below $22.30, July 2016 top near $21.15 can offer an intermediate halt before highlighting $20.00 psychological benchmark.
On the contrary, fresh buying is less likely to happen unless the quote recovers beyond the support-turned-resistance line, at $26.70 now.
https://www.investing.com/charts/futures-charts
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