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FX Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD

EUR/USD: Bullish: Still bullish but odds for extension to 1.1300 are not high.

The 1.1200 target that was first indicated last Wednesday, 17 May was exceeded as EUR staged a surprisingly strong push higher last Friday to touch a high of 1.1211. Technically, the next target is at 1.1300, the high in November last year but the current rally appears to be running ahead of itself and the odds for such a move are not high. Minor resistance is at 1.1240. We have suggested taking partial profit at 1.1170 last Friday and those who are still holding long position should adjust their stop-loss to 1.1095.

GBP/USD: Neutral: In a 1.2850/1.3050 range.

There is not much to add as GBP rebounded quickly last Friday to hit a high of 1.3040, holding just below the top end of our expected 1.2850/1.3050 consolidation range. While the undertone has improved, it is not enough to shift the current neutral outlook to bullish. That said, an intraday move above 1.3050 is not ruled out but GBP has to register a NY close above 1.3085 to indicate the start of a bullish phase.

AUD/USD: Neutral: Rebound has room to extend to 0.7480/85.

AUD hit a high of 07470 last Friday; just below the ‘rebound target’ indicated in recent updates at 0.7480/85. The undertone is still positive and we continue to anticipate a move to 0.7480/85. That said, AUD has to register a daily closing above this level before the current neutral outlook would shift to bullish. The current positive undertone would stay intact as long as 0.7400 is not taken out.

NZD/USD: Neutral: Back in a 0.6850/0.6950 range.

NZD is currently holding not far below our expected 0.6850/0.6950 consolidation range. The undertone is improving but it is too early to expect the start of a bullish phase. Only a daily closing above 0.6970 would indicate that a move towards 0.7050/55 has started. In the meanwhile, we continue to hold the view that this pair is trading in a 0.6850/0.6950 range.

USD/JPY: Bearish: Decline oversold but room for extension to 110.10. [No change in view]

We just turned bearish USD yesterday and held the view that the oversold decline has room to extend lower to 110.10. USD touched a low of 110.21 before staging a strong rebound. As indicated, the reward to risk ratio is not attractive but further USD losses is not ruled out until 111.90 is taken out. That said, the low 110.21 is acting as a solid support now and those who are short should consider booking some profit ahead of this level.

Source: efxnews.com

EUR/USD: Bullish: Still bullish but odds for extension to 1.1300 are not high.

The 1.1200 target that was first indicated last Wednesday, 17 May was exceeded as EUR staged a surprisingly strong push higher last Friday to touch a high of 1.1211. Technically, the next target is at 1.1300, the high in November last year but the current rally appears to be running ahead of itself and the odds for such a move are not high. Minor resistance is at 1.1240. We have suggested taking partial profit at 1.1170 last Friday and those who are still holding long position should adjust their stop-loss to 1.1095.

GBP/USD: Neutral: In a 1.2850/1.3050 range.

There is not much to add as GBP rebounded quickly last Friday to hit a high of 1.3040, holding just below the top end of our expected 1.2850/1.3050 consolidation range. While the undertone has improved, it is not enough to shift the current neutral outlook to bullish. That said, an intraday move above 1.3050 is not ruled out but GBP has to register a NY close above 1.3085 to indicate the start of a bullish phase.

AUD/USD: Neutral: Rebound has room to extend to 0.7480/85.

AUD hit a high of 07470 last Friday; just below the ‘rebound target’ indicated in recent updates at 0.7480/85. The undertone is still positive and we continue to anticipate a move to 0.7480/85. That said, AUD has to register a daily closing above this level before the current neutral outlook would shift to bullish. The current positive undertone would stay intact as long as 0.7400 is not taken out.

NZD/USD: Neutral: Back in a 0.6850/0.6950 range.

NZD is currently holding not far below our expected 0.6850/0.6950 consolidation range. The undertone is improving but it is too early to expect the start of a bullish phase. Only a daily closing above 0.6970 would indicate that a move towards 0.7050/55 has started. In the meanwhile, we continue to hold the view that this pair is trading in a 0.6850/0.6950 range.

USD/JPY: Bearish: Decline oversold but room for extension to 110.10. [No change in view]

We just turned bearish USD yesterday and held the view that the oversold decline has room to extend lower to 110.10. USD touched a low of 110.21 before staging a strong rebound. As indicated, the reward to risk ratio is not attractive but further USD losses is not ruled out until 111.90 is taken out. That said, the low 110.21 is acting as a solid support now and those who are short should consider booking some profit ahead of this level.

Source: efxnews.com

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