COMMODITIES: Crude Falls, Gold Edges Lower Amid Dollar Relief Rally

• RES 4: 151.62 61.8% retracement of the Jan 10 - Apr 22 bear leg
• RES 3: 151.21 High Mar 28
• RES 2: 150.92 High Aug 1 and a key resistance
• RES 1: 148.52 High Aug 12
• PRICE: 147.73 @ 16:30 BST Aug 19
• SUP 1: 146.21 Low Aug 14
• SUP 2: 145.86 Low Jul 24
• SUP 3: 145.51 100-dma
• SUP 4: 145.40 50% retracement Apr - Aug Upleg

USDJPY is in consolidation mode. A bearish threat remains present and the pair is trading closer to its recent lows. Sights are on support at 145.86, the Jul 24 low. Clearance of this level would highlight a stronger reversal and strengthen the bearish engulfing signal from Aug 1. This would open 144.63, a trendline drawn from the Apr 22 low. Initial firm resistance to watch is 148.52, the Aug 12 high. A breach of it would be viewed as a S/T bull signal.     

RRP usage retreats to $22.344B this afternoon (lowest since April 5, 2021) from $38.240B yesterday, total number of counterparties at 29.

• RES 4: 0.8769 High Jul 28  
• RES 3: 0.8744 High Aug 7 
• RES 2: 0.8682 High Aug 8  
• RES 1: 0.8652 20-day EMA 
• PRICE: 0.8648 @ 15:57 BST Aug 19
• SUP 1: 0.8597 Low Aug 14 
• SUP 2: 0.8562 50.0% retracement May 29 - Jul 28 upleg 
• SUP 3: 0.8540 Low Jun 30 
• SUP 4: 0.8514 61.8% retracement May 29 - Jul 28 upleg

Recent weakness in EURGBP resulted in a breach of key support at 0.8611, the Jul 31 low, and pierced the 50-day EMA, at 0.8616. A continuation lower would strengthen a bearish threat and highlight a stronger reversal of the uptrend between May 29 and Jul 28. This would open 0.8562, a Fibonacci retracement point. For bulls, a reversal higher would instead refocus attention on key resistance and the bull trigger at 0.8769, the Jul 28 high.