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Forex Daily Targets

EUR/USD: Shift from neutral to BULLISH: Immediate target of 1.1560 followed by 1.1615.

We have held the same view that EUR would enter a bullish phase again if there is a NY closing above the weekly trend-line resistance at 1.1445 since last week. This condition was finally met and from here, the immediate target is at 1.1560 followed by 1.1615 (the high in May 2016). In order to maintain the current impulsive momentum, this pair has to continue to accelerate higher quickly as any prolonged consolidation or a deep pull-back would increase the odds of a possible ‘false break.

GBP/USD: Neutral (since 05 Jul 17, 1.2925): In a 1.2800/1.2975 range. There is not much to add, see update from yesterday below. GBP appears to be on track to ‘probe’ the 1.2800 support. We continue to hold the view that GBP is in a consolidation phase even though the immediate bias if for a probe lower towards the bottom of the expected 1.2800/1.2975 sideway trading range. At this stage, a sustained move below the major 1.2800 support is not expected. Resistance is at 1.2910 but the key level is closer to 1.2975. 

AUD/USD: Neutral (since 05 Jul 17, 0.7610): Immediate upward pressure toward 0.7685.

While AUD closed on a strong note yesterday, it is clearly not enough to shift to the current neutral outlook to bullish. That said, the undertone has improved considerably and the immediate pressure is on the upside. From here, as long as the ‘key support’ at 0.7600/05 is intact, this pair is expected to grind higher towards 0.7685. At this stage, a sustained move above this level is not expected (the next resistance is at the June’s high of 0.7712). 

NZD/USD: Shift from neutral to BEARISH: Immediate target of 0.7185 (followed by 0.7150).

As indicated yesterday, a clear break below 0.7230 would indicate that a move towards 0.7185 has started. In other words, the outlook for NZD has shifted to bearish with an immediate target of 0.7185 followed by 0.7150.USD/JPY: Bullish (since 20 Jun 17, 111.65): Increasing risk of an interim top.

While USD finally broke above the major 114.35 resistance and hit a high of 114.49, the rapid and sharp drop that resulted in an ‘outside bar’ does not bode well for the current bullish view. From here, a move below 113.40 is enough to indicate that an interim top is in place. In other words, a break of 113.40 would indicate that the bullish phase that started about 3 weeks ago has ended and the start of a neutral consolidation phase. Only an unlikely NY closing above 114.50 would indicate that a move towards the next major resistance at 115.50 is on the way. 

Source: efxnews.com

EUR/USD: Shift from neutral to BULLISH: Immediate target of 1.1560 followed by 1.1615.

We have held the same view that EUR would enter a bullish phase again if there is a NY closing above the weekly trend-line resistance at 1.1445 since last week. This condition was finally met and from here, the immediate target is at 1.1560 followed by 1.1615 (the high in May 2016). In order to maintain the current impulsive momentum, this pair has to continue to accelerate higher quickly as any prolonged consolidation or a deep pull-back would increase the odds of a possible ‘false break.

GBP/USD: Neutral (since 05 Jul 17, 1.2925): In a 1.2800/1.2975 range. There is not much to add, see update from yesterday below. GBP appears to be on track to ‘probe’ the 1.2800 support. We continue to hold the view that GBP is in a consolidation phase even though the immediate bias if for a probe lower towards the bottom of the expected 1.2800/1.2975 sideway trading range. At this stage, a sustained move below the major 1.2800 support is not expected. Resistance is at 1.2910 but the key level is closer to 1.2975. 

AUD/USD: Neutral (since 05 Jul 17, 0.7610): Immediate upward pressure toward 0.7685.

While AUD closed on a strong note yesterday, it is clearly not enough to shift to the current neutral outlook to bullish. That said, the undertone has improved considerably and the immediate pressure is on the upside. From here, as long as the ‘key support’ at 0.7600/05 is intact, this pair is expected to grind higher towards 0.7685. At this stage, a sustained move above this level is not expected (the next resistance is at the June’s high of 0.7712). 

NZD/USD: Shift from neutral to BEARISH: Immediate target of 0.7185 (followed by 0.7150).

As indicated yesterday, a clear break below 0.7230 would indicate that a move towards 0.7185 has started. In other words, the outlook for NZD has shifted to bearish with an immediate target of 0.7185 followed by 0.7150.USD/JPY: Bullish (since 20 Jun 17, 111.65): Increasing risk of an interim top.

While USD finally broke above the major 114.35 resistance and hit a high of 114.49, the rapid and sharp drop that resulted in an ‘outside bar’ does not bode well for the current bullish view. From here, a move below 113.40 is enough to indicate that an interim top is in place. In other words, a break of 113.40 would indicate that the bullish phase that started about 3 weeks ago has ended and the start of a neutral consolidation phase. Only an unlikely NY closing above 114.50 would indicate that a move towards the next major resistance at 115.50 is on the way. 

Source: efxnews.com

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