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

EUR/USD: Neutral: Bullish again if NY closing above 1.1300.

While the rapid drop in EUR took out the short-term key support at 1.1220, it rebounded quickly from a low of 1.1203. The recent positive undertone has eased off but barring a clear break below 1.1200, there is still a slight upside bias. However, as indicated in recent updates, only a NY closing above 1.1300 would indicate that EUR has moved into a bullish phase. Overall, it looks like ECB would determine the direction of the next sustained move from here.

GBP/USD: Neutral: In a 1.2800/1.3010 range.

While GBP has strengthened in the past few days, we view the price action as part of a broader consolidation phase and not the start of a sustained up-move. Even if there is a move above the top of the expected 1.2800/1.3010 consolidation range, there is still a major resistance near 1.3050 (last month’s high). That said, upward momentum has improved and would continue to improve unless there is a drop back below 1.2880. Note that an out of consensus UK election results could easily swing this pair one way or the other.

AUD/USD: Bullish: immediate target of 0.7575, followed by 0.7615.

We just shifted to a bullish AUD stance yesterday and there is no change to the view. The overnight high of 0.7568 was not far away from the immediate target of 0.7575. As highlighted yesterday, extension to 0.7610/15 would not be surprising. Stop-loss remains unchanged at 0.7455 for now even though 0.7485 is already a strong support. That said, shorter-term indicators are overbought and this may result in sideway consolidation for a couple of days.

NZD/USD: Bullish: Still bullish but odds for extension to 0.7245 are not high. [No change in view]

We indicated on Monday, 05 Jun that “the next bullish leg has started for 0.7170 followed by 0.7200”. In line with expectation, NZD surged to hit a high of 0.7206 yesterday. While the bullish phase that started two weeks ago is still intact, the rally is approaching extreme levels and the odds for further extension towards the next resistance at 0.7245 are not high. That said, only a move back below 0.7130 would indicate that the bearish phase has ended. In the meanwhile, NZD could trade sideways at these higher levels.

USD/JPY: Bearish: Immediate target of 108.70.

While we turned bearish USD yesterday, we were aware that we were ‘late’ even though there is room for further USD weakness towards 108.70. The suggested entry level at 109.95/00 was met at the time of writing (high of 110.00) and from here, we continue to anticipate a move towards 108.70 (with 109.10 acting as a solid support). Oversold short-term conditions could lead to a couple of days of consolidation but the bearish phase is deemed as intact unless there is break above 110.50.

Source: efxnews.com

EUR/USD: Neutral: Bullish again if NY closing above 1.1300.

While the rapid drop in EUR took out the short-term key support at 1.1220, it rebounded quickly from a low of 1.1203. The recent positive undertone has eased off but barring a clear break below 1.1200, there is still a slight upside bias. However, as indicated in recent updates, only a NY closing above 1.1300 would indicate that EUR has moved into a bullish phase. Overall, it looks like ECB would determine the direction of the next sustained move from here.

GBP/USD: Neutral: In a 1.2800/1.3010 range.

While GBP has strengthened in the past few days, we view the price action as part of a broader consolidation phase and not the start of a sustained up-move. Even if there is a move above the top of the expected 1.2800/1.3010 consolidation range, there is still a major resistance near 1.3050 (last month’s high). That said, upward momentum has improved and would continue to improve unless there is a drop back below 1.2880. Note that an out of consensus UK election results could easily swing this pair one way or the other.

AUD/USD: Bullish: immediate target of 0.7575, followed by 0.7615.

We just shifted to a bullish AUD stance yesterday and there is no change to the view. The overnight high of 0.7568 was not far away from the immediate target of 0.7575. As highlighted yesterday, extension to 0.7610/15 would not be surprising. Stop-loss remains unchanged at 0.7455 for now even though 0.7485 is already a strong support. That said, shorter-term indicators are overbought and this may result in sideway consolidation for a couple of days.

NZD/USD: Bullish: Still bullish but odds for extension to 0.7245 are not high. [No change in view]

We indicated on Monday, 05 Jun that “the next bullish leg has started for 0.7170 followed by 0.7200”. In line with expectation, NZD surged to hit a high of 0.7206 yesterday. While the bullish phase that started two weeks ago is still intact, the rally is approaching extreme levels and the odds for further extension towards the next resistance at 0.7245 are not high. That said, only a move back below 0.7130 would indicate that the bearish phase has ended. In the meanwhile, NZD could trade sideways at these higher levels.

USD/JPY: Bearish: Immediate target of 108.70.

While we turned bearish USD yesterday, we were aware that we were ‘late’ even though there is room for further USD weakness towards 108.70. The suggested entry level at 109.95/00 was met at the time of writing (high of 110.00) and from here, we continue to anticipate a move towards 108.70 (with 109.10 acting as a solid support). Oversold short-term conditions could lead to a couple of days of consolidation but the bearish phase is deemed as intact unless there is break above 110.50.

Source: efxnews.com

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