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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.

There is not much to add as EUR traded in a relatively calm manner yesterday. The recovery from the 1.1167 low yesterday is lacking in momentum and the odds for extension to 1.1300 are still not high. That said, only a break below 1.1130 would indicate that the bullish phase that started last Wednesday, 17 May has ended. We have suggested taking partial profit at 1.1170 last Friday and those who are still long should look to exit their position if there is another push towards 1.1300.

GBP/USD: Neutral: Likely in a topping process. [No change in view]

While there is no change to the current neutral outlook for GBP, the price action over the past few days is beginning to look increasingly like a topping process. The current neutral phase has been intact for about 3 weeks now and from here, a clear break below 1.2920 would greatly increase the odds for a move towards the 1.2830 low seen earlier this month. Overall, the current mild downward pressure would continue to increase over the next several days as long GBP holds below the strong 1.3050 resistance.

AUD/USD: Bullish: Immediate target of 0.7560.

AUD dipped to a low of 0.7443 before rebounding quickly. The stop-loss for the bullish phase that started on Tuesday, 23 May at 0.7430 is still intact. As long as this level is not breached, we continue to anticipate a move towards 0.7560.

NZD/USD: Bullish: Target at 0.7050/55 met, eyeing extension to 0.7090.

The immediate 0.7050/55 target that was first highlighted when we turned bullish on Tuesday, 23 May (spot at 0.7000) was met as NZD touched a high of 0.7059 yesterday. While the rapid pace of rally suggests that caution is warranted, further extension to 0.7090 would not be surprising.

USD/JPY: Neutral: In a broad 110.20/113.10 range.

We just shifted to a neutral stance yesterday and there is no change to the view. The current movement is viewed as part of a consolidation phase and USD is expected to trade sideways for now. The expected 110.20/113.10 range is rather broad at this stage but we should be able to narrow it down once we detect a drop in volatility.

Source: efxnews.com

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