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FOREX 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.

Merkel’s ‘EUR is too weak’ comment boosted EUR to a high of 1.1263. While this has improved the upward momentum, the bullish phase that started last Wednesday, 17 May still appears to be over-extended and the extension target of 1.1300 may not be seen so soon. We have suggested taking partial profit at 1.1170 last Friday and those remaining longs should adjust the stop-loss higher to 1.1130 from 1.1095 yesterday. Looking further ahead, any break above 1.1300 would shift the focus to 1.1365.

GBP/USD: Neutral: In a 1.2850/1.3050 range [No change in view]

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: Shift from neutral to bullish: Immediate target of 0.7560.

We have held the same view since last Tuesday, 16 May (spot at 0.7420) wherein we expected the recovery from the 0.7330 low to extend higher to 0.7480/85. AUD hit a high of 0.7489 yesterday before closing on a strong note. The outlook for this pair has shifted to bullish with an immediate target of 0.7560. In the order to maintain current momentum, any short-term pull-back should not move below 0.7430.

NZD/USD: Shift from neutral to bullish: Immediate target of 0.7050/55.

While we highlighted the improvement in upward momentum yesterday and noted that “a daily closing above 0.6970 would indicate that a move towards 0.7050/55 has started”, the sudden and strong surge higher came as a surprise. The outlook has clearly shifted to bullish and the immediate target is at last month’s peak near 0.7050/55. Based on the rapid acceleration, a move beyond this level would not be surprising and would shift the focus to 0.7090.

USD/JPY: Bearish: Diminished odds for further USD weakness.

USD traded mostly sideways over the last couple of days and downward momentum is beginning to show signs of waning. That said, until 111.90 is taken out, another push lower towards 110.10 is not ruled out but based on the recent price action, the odds for such a move have diminished. Those who are short should consider taking partial profit on any approach near to 110.10.

Source: efnews.com

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

Merkel’s ‘EUR is too weak’ comment boosted EUR to a high of 1.1263. While this has improved the upward momentum, the bullish phase that started last Wednesday, 17 May still appears to be over-extended and the extension target of 1.1300 may not be seen so soon. We have suggested taking partial profit at 1.1170 last Friday and those remaining longs should adjust the stop-loss higher to 1.1130 from 1.1095 yesterday. Looking further ahead, any break above 1.1300 would shift the focus to 1.1365.

GBP/USD: Neutral: In a 1.2850/1.3050 range [No change in view]

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: Shift from neutral to bullish: Immediate target of 0.7560.

We have held the same view since last Tuesday, 16 May (spot at 0.7420) wherein we expected the recovery from the 0.7330 low to extend higher to 0.7480/85. AUD hit a high of 0.7489 yesterday before closing on a strong note. The outlook for this pair has shifted to bullish with an immediate target of 0.7560. In the order to maintain current momentum, any short-term pull-back should not move below 0.7430.

NZD/USD: Shift from neutral to bullish: Immediate target of 0.7050/55.

While we highlighted the improvement in upward momentum yesterday and noted that “a daily closing above 0.6970 would indicate that a move towards 0.7050/55 has started”, the sudden and strong surge higher came as a surprise. The outlook has clearly shifted to bullish and the immediate target is at last month’s peak near 0.7050/55. Based on the rapid acceleration, a move beyond this level would not be surprising and would shift the focus to 0.7090.

USD/JPY: Bearish: Diminished odds for further USD weakness.

USD traded mostly sideways over the last couple of days and downward momentum is beginning to show signs of waning. That said, until 111.90 is taken out, another push lower towards 110.10 is not ruled out but based on the recent price action, the odds for such a move have diminished. Those who are short should consider taking partial profit on any approach near to 110.10.

Source: efnews.com

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