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PIG TODAY-24.08.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY

chainsawbig-e1337197317586

EUR/USD: Bullish: Lower odds for a further extension to 1.1430.

While the outlook for EUR is still deemed as bullish, the prolonged consolidation below last Thursday’s peak of 1.1365 has resulted in further loss of upward momentum. Unless there is a ‘clear and clean’ break above 1.1365 within these few days, the prospect for a move to the revised target of 1.1430 would continue to dim. Stop-loss on longs should remain at 1.1240 for now even though a break below 1.1265/70 would be an early indication that a short-term top is in place.

GBP/USD: Neutral: Bullish only if above 1.3250.

The recent short-term weakness has not only stabilized but the strong rally over the past 2 days has shifted the nearterm risk to the upside. The key level to watch is at 1.3250 (trend-line connecting the peak in July and early August) as a break above this level would strongly indicate the start of a sustained up-move towards 1.3370. Strong support is at 1.3100 but only a move back below 1.3040 would indicate that the short-term upward pressure has eased.

AUD/USD: Neutral: Room for pull-back to extend lower to 0.7545/50.

There is no change to the view wherein we expect the current pull-back in AUD to extend lower to test the strong 0.7545/50 support. This is a rather critical level and a clear break could lead to sustained down-move in the coming days. Overall, AUD is expected to stay under increasing downward pressure unless it can move and stay above 0.7660 (high has been 0.7655 yesterday).

NZD/USD: Neutral: In a 0.7170/0.7350 range.

NZD touched a high of 0.7345 yesterday, holding just below the high end of the expected sideway trading range of 0.7170/0.7350. The rapid pull-back from the top is in line with our current neutral expectation for NZD and from here; we continue to expect to see broad sideway consolidation between 0.7170 and 0.7350.

USD/JPY: Bearish: Increasing risk of a short-term low.

After dropping to a low of 99.50/55 early last week, USD has been struggling to extend its down-move. The consolidation over the last several days has resulted in a rapid loss of momentum and this coupled with the still oversold conditions has increased the risk of a short-term low. However, only a break above 100.80 (adjusted from 101.20 previously) would indicate that the current bearish phase has ended.

Source: www.efxnews.com

chainsawbig-e1337197317586

EUR/USD: Bullish: Lower odds for a further extension to 1.1430.

While the outlook for EUR is still deemed as bullish, the prolonged consolidation below last Thursday’s peak of 1.1365 has resulted in further loss of upward momentum. Unless there is a ‘clear and clean’ break above 1.1365 within these few days, the prospect for a move to the revised target of 1.1430 would continue to dim. Stop-loss on longs should remain at 1.1240 for now even though a break below 1.1265/70 would be an early indication that a short-term top is in place.

GBP/USD: Neutral: Bullish only if above 1.3250.

The recent short-term weakness has not only stabilized but the strong rally over the past 2 days has shifted the nearterm risk to the upside. The key level to watch is at 1.3250 (trend-line connecting the peak in July and early August) as a break above this level would strongly indicate the start of a sustained up-move towards 1.3370. Strong support is at 1.3100 but only a move back below 1.3040 would indicate that the short-term upward pressure has eased.

AUD/USD: Neutral: Room for pull-back to extend lower to 0.7545/50.

There is no change to the view wherein we expect the current pull-back in AUD to extend lower to test the strong 0.7545/50 support. This is a rather critical level and a clear break could lead to sustained down-move in the coming days. Overall, AUD is expected to stay under increasing downward pressure unless it can move and stay above 0.7660 (high has been 0.7655 yesterday).

NZD/USD: Neutral: In a 0.7170/0.7350 range.

NZD touched a high of 0.7345 yesterday, holding just below the high end of the expected sideway trading range of 0.7170/0.7350. The rapid pull-back from the top is in line with our current neutral expectation for NZD and from here; we continue to expect to see broad sideway consolidation between 0.7170 and 0.7350.

USD/JPY: Bearish: Increasing risk of a short-term low.

After dropping to a low of 99.50/55 early last week, USD has been struggling to extend its down-move. The consolidation over the last several days has resulted in a rapid loss of momentum and this coupled with the still oversold conditions has increased the risk of a short-term low. However, only a break above 100.80 (adjusted from 101.20 previously) would indicate that the current bearish phase has ended.

Source: www.efxnews.com

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