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Forex Daily Targets

EUR/USD: Neutral (since 29 May 17, 1.1180): Increasing risk of a break below 1.1105/10.

We indicated yesterday that a shift to a bearish phase would not surprising unless EUR can “move and stay above 1.1175 within these few days”. The overnight high has been 1.1169 and we continue to hold the view that the immediate risk is greater on the downside. Only a NY closing above 1.1175 would indicate that the immediate downside pressure has eased. In the meanwhile, 1.1120 is expected to offer solid support ahead of the critical 1.1105/10 level. 

GBP/USD: Bearish (since 13 Jun 17, 1.2670): Approaching strong support level, shorts to take half profit at 1.2580/85. There is not much to add from yesterday update (reproduced below).

We have been bearish GBP since last Tuesday. After trading sideways to higher for several days, GBP finally succumbed to selling pressure and is currently approaching the major support near 1.2580/85. We suggested 1.2735/40 as ‘better selling levels’ last Tuesday and as this pair move towards the strong support, those who are short GBP may like to exit half of their position at 1.2580/85. A move below 1.2580/85 would not be surprising but this level is unlikely to yield so easily. The next support is further down at 1.2515, the low on the day that UK election was announced

AUD/USD; Neutral (since 21 Jun 17, 0.7580): In a 0.7525/0.7630 range.

We shifted from a bullish to neutral stance yesterday and were of the view that AUD has moved into a consolidation phase. There is no change to the view but as highlighted, “the immediate bias is on the downside and the odds for a move to 0.7525 first are markedly higher than for a move to 0.7630”. From here, an intraday dip below 0.7525 is not ruled but based on the current momentum, a sustained move below this level is not expected. On the upside, 0.7600 is a strong resistance ahead of 0.7630. 

NZD/USD: Neutral (since 16 Jun 17, 0.7205): In a 0.7170/0.7275 range.

NZD spiked above the top of the expected 0.7170/0.7275 consolidation range earlier this morning with a high of 0.7280. The choppy swing post-RBNZ announcement reinforces our current neutral view for NZD (we have been neutral since last Friday) and we continue to expect this pair trade between 0.7170 and 0.7275 for now. 

USD/JPY: Bullish (since 20 Jun 17, 111.65): Anticipating a break of 112.10 for a move to 112.80.

USD traded mostly sideways yesterday and the consolidation is not unexpected in view of the overbought short-term conditions. As long as 110.80 is not taken out, we continue to anticipate a break of 112.10 for a move to 112.80. 

Source: efxnews.com

EUR/USD: Neutral (since 29 May 17, 1.1180): Increasing risk of a break below 1.1105/10.

We indicated yesterday that a shift to a bearish phase would not surprising unless EUR can “move and stay above 1.1175 within these few days”. The overnight high has been 1.1169 and we continue to hold the view that the immediate risk is greater on the downside. Only a NY closing above 1.1175 would indicate that the immediate downside pressure has eased. In the meanwhile, 1.1120 is expected to offer solid support ahead of the critical 1.1105/10 level. 

GBP/USD: Bearish (since 13 Jun 17, 1.2670): Approaching strong support level, shorts to take half profit at 1.2580/85. There is not much to add from yesterday update (reproduced below).

We have been bearish GBP since last Tuesday. After trading sideways to higher for several days, GBP finally succumbed to selling pressure and is currently approaching the major support near 1.2580/85. We suggested 1.2735/40 as ‘better selling levels’ last Tuesday and as this pair move towards the strong support, those who are short GBP may like to exit half of their position at 1.2580/85. A move below 1.2580/85 would not be surprising but this level is unlikely to yield so easily. The next support is further down at 1.2515, the low on the day that UK election was announced

AUD/USD; Neutral (since 21 Jun 17, 0.7580): In a 0.7525/0.7630 range.

We shifted from a bullish to neutral stance yesterday and were of the view that AUD has moved into a consolidation phase. There is no change to the view but as highlighted, “the immediate bias is on the downside and the odds for a move to 0.7525 first are markedly higher than for a move to 0.7630”. From here, an intraday dip below 0.7525 is not ruled but based on the current momentum, a sustained move below this level is not expected. On the upside, 0.7600 is a strong resistance ahead of 0.7630. 

NZD/USD: Neutral (since 16 Jun 17, 0.7205): In a 0.7170/0.7275 range.

NZD spiked above the top of the expected 0.7170/0.7275 consolidation range earlier this morning with a high of 0.7280. The choppy swing post-RBNZ announcement reinforces our current neutral view for NZD (we have been neutral since last Friday) and we continue to expect this pair trade between 0.7170 and 0.7275 for now. 

USD/JPY: Bullish (since 20 Jun 17, 111.65): Anticipating a break of 112.10 for a move to 112.80.

USD traded mostly sideways yesterday and the consolidation is not unexpected in view of the overbought short-term conditions. As long as 110.80 is not taken out, we continue to anticipate a break of 112.10 for a move to 112.80. 

Source: efxnews.com

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