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FX Tech Targets-15.05.2017

EUR/USD: Neutral: In a 1.0800/1.0950 range.

While EUR staged a surprisingly strong rebound last Friday, it is not enough to shift the current neutral outlook to bullish. That said, a move above the top of the expected 1.0800/1.0950 consolidation range would not be surprising but there is another major resistance nearer to 1.0980 and this level is unlikely to yield so easily. Support is at 1.0890 and last week’s low near 1.0835/40 is likely strong enough to hold, at least for the early part of this week.

GBP/USD: Neutral: In a 1.2830/1.3000 range.

The strong support at 1.2830 was unthreatened as GBP rebounded after touching a low of 1.2844 last Friday. Despite the bounce, the undertone is on the weak side even though based on the current momentum, a clear break below the expected 1.2830/1.3000 consolidation range seems unlikely. Resistance is at 1.2950 ahead of the major level at 1.3000.

AUD/USD: Shift from bearish to neutral: In a 0.7330/0.7445 range.

AUD edged above the trailing stop-loss for our bearish view at 0.7420 last Friday with a high of 0.7421. The bearish phase that started on 04 May (spot at 0.7430) has ended and AUD has likely moved into a sideway consolidation phase, expected to be between 0.7330 and 0.7455.

NZD/USD: Bearish: Over-extended, odds for extension to 0.6770 are not high.

There is not much add; while the outlook for NZD is deemed as bearish, the sharp drop last week is running ahead of itself and the odds for extension to the next support at 0.6770 are not high. On the upside, a move back above 0.6890 is enough to indicate that the 0.6818 low seen last week is a short-term bottom.

USD/JPY: Shift from bullish to neutral: In 112.50/114.20 range.

The rapid and sharp drop last Friday took out the stop-loss for our bullish view at 113.30. The bullish phase was shortlived and the target at 114.90 was not met. From here, USD has likely moved into a neutral consolidation phase and is expected to trade between 112.50 and 114.20.

Source: efxnews.com

EUR/USD: Neutral: In a 1.0800/1.0950 range.

While EUR staged a surprisingly strong rebound last Friday, it is not enough to shift the current neutral outlook to bullish. That said, a move above the top of the expected 1.0800/1.0950 consolidation range would not be surprising but there is another major resistance nearer to 1.0980 and this level is unlikely to yield so easily. Support is at 1.0890 and last week’s low near 1.0835/40 is likely strong enough to hold, at least for the early part of this week.

GBP/USD: Neutral: In a 1.2830/1.3000 range.

The strong support at 1.2830 was unthreatened as GBP rebounded after touching a low of 1.2844 last Friday. Despite the bounce, the undertone is on the weak side even though based on the current momentum, a clear break below the expected 1.2830/1.3000 consolidation range seems unlikely. Resistance is at 1.2950 ahead of the major level at 1.3000.

AUD/USD: Shift from bearish to neutral: In a 0.7330/0.7445 range.

AUD edged above the trailing stop-loss for our bearish view at 0.7420 last Friday with a high of 0.7421. The bearish phase that started on 04 May (spot at 0.7430) has ended and AUD has likely moved into a sideway consolidation phase, expected to be between 0.7330 and 0.7455.

NZD/USD: Bearish: Over-extended, odds for extension to 0.6770 are not high.

There is not much add; while the outlook for NZD is deemed as bearish, the sharp drop last week is running ahead of itself and the odds for extension to the next support at 0.6770 are not high. On the upside, a move back above 0.6890 is enough to indicate that the 0.6818 low seen last week is a short-term bottom.

USD/JPY: Shift from bullish to neutral: In 112.50/114.20 range.

The rapid and sharp drop last Friday took out the stop-loss for our bullish view at 113.30. The bullish phase was shortlived and the target at 114.90 was not met. From here, USD has likely moved into a neutral consolidation phase and is expected to trade between 112.50 and 114.20.

Source: efxnews.com

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