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FOREX Daily Targets

EUR/USD: Neutral (since 13 Jul 17, 1.1415): In a higher range of 1.1380/1.1550.

Despite the strong daily closing, we continue to hold a neutral view for this pair. The price action still looks like the early stages of a rising wedge. However, EUR is more likely to trade at a higher 1.1380/1.1550 range instead of the 1.1320/1.1520 expected previously.   

GBP/USD: Shift from neutral to BULLISH: Target at 1.3200.

The outlook for GBP has shifted to bullish even though the rally appears to be running ahead of itself and the pace of any up-move is likely to be slower. There is a strong resistance at 1.3150 and a move above this level would shift the focus to the target at 1.3200.

AUD/USD: Bullish (since 14 Jul 17, 0.7730): Longs should exit half of position at 0.7900.

The shift to a bullish stance last Friday was timely. The high registered in NY was 0.7835, shy of the target at 0.7850. Based on the strong and impulsive rally, a break above 0.7850 would not be surprising and would shift the focus to 0.7900. Those who are long from 0.7730 last Friday may like to exit half of their position at 0.7900.

NZD/USD: Neutral (since 13 Jul 17, 0.7250): Bullish if NY closing is above 0.7370.

As highlighted last Friday, despite the overall positive indications for NZD, we prefer to wait for a NY closing above 0.7370 before adopting a bullish stance. This scenario appears likely as long as the key support at 0.7275 is not taken out. A shift to a bullish outlook would have an immediate target of 0.7485. 

USD/JPY: Neutral (since 13 Jul 17, 113.25):  USD under pressure unless can reclaim 113.55.

USD registered a low of 114.24 last Friday, holding above the bottom of our expected 112.00/114.20 sideway trading range. The rapid pace of decline has resulted in a swift pick-up in downward momentum and from here, USD is expected to stay under pressure unless it can reclaim 113.55 in the next few days. That said, 112.00 is a strong support and may not yield so easily and this level is followed closely by another strong support at 111.70.

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