"Fort Financial Services"- fundamental and technical analysis.

04.07.2017

EUR/USD

After finding an obstacle at 1.1450 last week EUR/USD turned bearish. The pair extended its weakness on Monday. Sellers broke 1.1400 in the night and headed towards 1.1350. The resistance is at 1.1400, the support comes in at 1.1350.

The pair is still in an upward channel. The current decline we consider corrective. The spot may reach 1.1350-1.1330 where we expect it to bounce upwards.

GBP/USD

The pound traded mixed the recent days. Inability to break above 1.3000 made buyers give up their gains to take some profit. The pair started the day above 1.3000 and went down immediately after opening. The cable broke the level 1.3000 during European morning trade and moved lower after that. The resistance lies at 1.3000, the support comes in at 1.2900.

The bullish momentum is likely to be regained. However, we believe the pound needs to gather some steam before keep growing. The pair may decline to 1.2940-1.2900 in the coming sessions.

USD/JPY

The pair managed to reverse all last week losses on Monday. Buyers found support at 112.00 where they found strength to grow again. USD/JPY was positive the first part of the day and was able to reach 113.00 by noon. The resistance lies at 113.00, the support comes in at 112.00.

We believe the pair will remain in bulls' hands. If buyers break above 113.00 the way towards 113.50 will be open.

GBP/JPY

The GBP/JPY remained in a near-term upward channel on Monday. Buyers advanced to 147.00 in the morning session but lost strength and turned to the downside. After posting the session high at 146.82 the price stepped back to 146.50 where bulls regained control pushing the pair to 147.00. The resistance lies at 147.00, the support is at 146.00.

We believe the pair will remain positive. A move above 147.00 would revive bullishness towards 148.00.

EUR/JPY

The pair found strong resistance at the level of 128.50. The spot failed to advance beyond the level and stayed around it. The resistance lies at 128.50, the support lies in at 128.00.

EUR/JPY is having difficulties to go any higher right now. However, the trend is bullish. A break above the current resistance will suggest further strengthening towards 129.00.

Уровень 128.50 стал на пути покупателей. Выше него цена не смогла пойти и оставалась в районе отметки в течение дня. Сопротивление расположено на 128.50, поддержкой выступает уровень 128.00.

Несмотря на трудности, тренд остается восходящим. Считаем, что уровень 128.50 будет пройдет и актив двинется к 129.00.

NZD/USD

Buyers failed to extend their gains on Monday. The pair just retested 0.7350 in the Asian session and reversed its direction afterwards. Sellers seized control and were pushing the price lower the first part of the day. NZD/USD reached 0.7300 in the mid-European session. The resistance exists at 0.7350, the support stands at 0.7300.

The pair is still in an upward channel. The spot touched the lower limit of the ascending channel. If the pressure persists the price may reclaim 0.7300 and test 0.7250. Anyway, we are bullish near term and do not believe the current weakness will last long.

XAU/USD

The tone is still negative in the market. Bears broke 1240 in the Asian session and pushed the spot lower after that. The yellow metal continued going down the night and the morning and reached 1235 by noon. The resistance exists at 1240, the support stands at 1230 dollars per ounce.

The precious metal broke a strong support 1240. That means the current bearishness will last for a while. Sellers aim at 1230 now. A successful break below the level could spark a further decline to 1220 dollars per ounce.

Brent

Brent gapped higher at the daily open on Monday. The price jumped from 47.86 to 48.93 dollars per barrel. Buyers managed to extend their gains up to 49.14 when they lost steam. Sellers returned to the market after that. The benchmark started to lose ground and reached 48.50 ahead of the NY opening. The resistance lies at 49.50, the support lies in at 48.50.

Brent oil prices may try to fill the gap. We do not rule out a decline below 48.50 dollars per barrel. Anyway, the current market sentiment is positive. The price may turn bullish any moment now.

DAX

DAX traded mixed on Monday. The price gapped downwards at the daily open. The index spent the night at 12320 and jumped to 12400 in the morning. The benchmark stayed at the level the first part of the day. The resistance lies at 12400, the support lies in at 12300.

If bulls remain in control DAX may retake the 12350 mark soon. However, the current price action shows negative tendency. The index may retest 12300 in this scenario.

SP500

S&P500 had a positive start to the week. The index bounced from 2420 at the daily open. Buyers pushed the benchmark higher and reached 2429 in the late European session. The resistance lies at 2440, the support lies in at 2420.

Despite the recent grows the index is under pressure. We believe sellers will get control soon and will return S&P500 to 2420. After retaking the level sellers may lead the price to 2400.

*Analytical review is presented by the leading analyst of the broker Fort Financial Services, Alexander Kofman