AUDUSD TECHS

Opens Gap With Recent Highs

EURJPY TECHS

Breaks Through Channel Base

USDJPY TECHS

Attention Remains On The Bear Channel Top

EURGBP TECHS

Approaching Key Support

GBPUSD TECHS

Pulls Back From Key Resistance

EURUSD TECHS

Sell-Off Extends

(U20): Pivot Support Defined

BRENT TECHS
  • RES 4: $46.34 - Low Mar 6 and gap high on the daily chart
  • RES 3: $45.86 - 50.0% retracement of the Jan - Apr sell-off
  • RES 2: $44.89 - High Jul 21 and the bull trigger
  • RES 1: $43.95 - High Jul 29
  • PRICE: $43.15 @ 06:52 BST Jul 31
  • SUP 1: $41.38 - Low Jul 30
  • SUP 2: $39.70 - Low Jun 25
  • SUP 3: $37.29 - Low Jun 12 and a reversal trigger
  • SUP 4: $35.33 - Low May 29

Brent futures traded sharply lower yesterday but found support at $41.38. This level represents an important pivot point. A break would reinforce the potential bearish significance of yesterday's sell-off and set the scene for a deeper pullback that would expose $39.70, Jun 26 low, an important reversal trigger too. While $41.38 holds, the focus is on whether key resistance at $44.89 will be breached to resume the uptrend.

MNI London Bureau | +44 203-586-3805 | taso.anastasiou.ext@marketnews.com