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

EUR/USD: Neutral: Immediate downward pressure to 1.1025.

In the update yesterday, we were of the view that EUR is about to stage a deeper pull-back towards the major support at 1.1025. The subsequent rebound from a low of 1.1108 took out the strong 1.1190 resistance but eased off quickly from a high of 1.1205. While downward momentum has clearly been dented, we still detect a weak undertone to the current price action and would continue to hold the same view unless EUR close above 1.1190 by end of today’s NY session. All that said, any weakness in the coming days is viewed a corrective pull-back and not the start of a major bearish reversal.

GBP/USD: Bearish: To take partial profit at 1.2755/60.

GBP rebounded and hit a high of 1.2888 yesterday, holding below the stop-loss for our bearish view at 1.2910. The subsequent sharp drop post-NY close is encouraging but the decline lacks momentum and the suggested partial profittaking level at 1.2755/60 could be out of reach within these 1 to 2 days. In the event of a break of 1.2755/60, the next level to focus on is at 1.2705, the high back in February. On the upside, a break above 1.2910 (level unchanged) would indicate that the bearish phase that started last Friday 26 May (spot at 1.2900) has ended.

AUD/USD: Neutral: In a 0.7380/0.7480 range.

AUD is currently approaching the top end of our expected 0.7380/0.7480 consolidation range. Short-term momentum looks constructive but at this stage, it is too early to expect a sustained up-move. An intraday move above 0.7480 is not ruled out but for AUD to turn bullish, it has to close above last week’s high near 0.7515/20. In the meanwhile, the positive undertone is expected to improve further especially if AUD can hold above 0.7415 in the next few days.

NZD/USD: Bullish: Focus at 0.7130 now.

Despite weak internal indications, NZD continues with its strong run to hit an overnight high of 0.7101. The bullish phase that started last Tuesday, 23 May (spot at 0.7000) has exceeded our expectation by taking out the 0.7090 resistance. The focus has shifted to 0.7130 now, the minor low seen in February.

USD/JPY: Neutral: In a 110.50/112.00 range.

There is not much to add as USD edged down to touch a low of 110.64 yesterday. While downward momentum is ticking higher, at this stage, any weakness is expected to encounter solid support near 110.50 ahead of the critical month-to-date low of 110.20. All in, we continue to hold a neutral stance and expect this pair to trade in a broad 110.50/112.00 range (narrowed from 110.50/112.50 previously) even though the downside appears to be increasingly vulnerable.

Source: efxnews.com

EUR/USD: Neutral: Immediate downward pressure to 1.1025.

In the update yesterday, we were of the view that EUR is about to stage a deeper pull-back towards the major support at 1.1025. The subsequent rebound from a low of 1.1108 took out the strong 1.1190 resistance but eased off quickly from a high of 1.1205. While downward momentum has clearly been dented, we still detect a weak undertone to the current price action and would continue to hold the same view unless EUR close above 1.1190 by end of today’s NY session. All that said, any weakness in the coming days is viewed a corrective pull-back and not the start of a major bearish reversal.

GBP/USD: Bearish: To take partial profit at 1.2755/60.

GBP rebounded and hit a high of 1.2888 yesterday, holding below the stop-loss for our bearish view at 1.2910. The subsequent sharp drop post-NY close is encouraging but the decline lacks momentum and the suggested partial profittaking level at 1.2755/60 could be out of reach within these 1 to 2 days. In the event of a break of 1.2755/60, the next level to focus on is at 1.2705, the high back in February. On the upside, a break above 1.2910 (level unchanged) would indicate that the bearish phase that started last Friday 26 May (spot at 1.2900) has ended.

AUD/USD: Neutral: In a 0.7380/0.7480 range.

AUD is currently approaching the top end of our expected 0.7380/0.7480 consolidation range. Short-term momentum looks constructive but at this stage, it is too early to expect a sustained up-move. An intraday move above 0.7480 is not ruled out but for AUD to turn bullish, it has to close above last week’s high near 0.7515/20. In the meanwhile, the positive undertone is expected to improve further especially if AUD can hold above 0.7415 in the next few days.

NZD/USD: Bullish: Focus at 0.7130 now.

Despite weak internal indications, NZD continues with its strong run to hit an overnight high of 0.7101. The bullish phase that started last Tuesday, 23 May (spot at 0.7000) has exceeded our expectation by taking out the 0.7090 resistance. The focus has shifted to 0.7130 now, the minor low seen in February.

USD/JPY: Neutral: In a 110.50/112.00 range.

There is not much to add as USD edged down to touch a low of 110.64 yesterday. While downward momentum is ticking higher, at this stage, any weakness is expected to encounter solid support near 110.50 ahead of the critical month-to-date low of 110.20. All in, we continue to hold a neutral stance and expect this pair to trade in a broad 110.50/112.00 range (narrowed from 110.50/112.50 previously) even though the downside appears to be increasingly vulnerable.

Source: efxnews.com

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