Technical analysis report 18-08-2022

18 Aug 2022 05:26 PM

Silver has declined and negative momentum is increasing, and that indicates the bears are in control. If the downtrend continues, 19.27 or 19.04 could act as support. A rebound might target 20.26 or 20.62.

Gold is falling and momentum is in negative territory, implying the sellers are in control. If the sell off continues, it might target 1754 or 1736. If the metal rallies from here, it could retest 1786, and a break above that level could bring 1792 into play.

On Tuesday, The S&P 500 hit its highest level in over three months. Should the broader bullish move continue, it could retest 4300 or 4311. RSI is moving lower, and momentum is negative, indicating the sellers are in control. A fall could see it target 4246 or 4218.

USD/JPY is edging higher and the MACD indicator shows that positive momentum is falling, implying the bulls are losing influence. 135.57 or 136.15 might act as resistance. A fall from here could see it find support at 132.54 or 131.70.

EUR/USD is in a downtrend and if the price decline continues, it might find support at 1.0095 or 1.0000. Momentum has swung into positive territory, implying the bulls are back in control.  A rebound could see it hit 1.0251 or 1.0324.

GBP/USD is under pressure and if the medium-term bearish trend continues, it might target 1.1889 or 1.1847.  RSI is edging higher and that implies the price bias is to the upside, resistance might be encountered at 1.2215 or 1.2275.

WTI is trending lower, and if the wider bearish move continues, 83.33 or 81.68 could act as support. RSI is moving higher, and momentum has turned positive, both suggest the bulls are dominating. If the short-term upward move continues, resistance might be found at 90.05 or 90.77.

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