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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: Bullish (since 17 Jul 17, 1.3105): Target at 1.3200. 

e just turned bullish yesterday and there is no change to the view. There is a strong resistance at 1.3150 and a break above this level would shift the focus to the target at 1.3200. That said, overbought shorter-term conditions could lead to a couple of days of consolidation first. The suggested buy level of 1.3075 was met. In view of the expected short-term consolidation, stop-loss is adjusted slightly lower to 1.3000 from 1.3020.

AUD/USD: Bullish (since 14 Jul 17, 0.7730)Longs should exit half of position at 0.7900. No change in view.The shift to a bullish stance last Friday was timely . . Those who are long from 0.7730 last Friday may like to exit half of their position at 0.7900. Stop-loss should be adjusted higher to 0.7730.

NZD/USD: Neutral (since 13 Jul 17, 0.7250): Above 0.7370 would lead to sustained up-move.

The strong resistance at 0.7370 continues to check NZD strength. We have held the view that only a NY close above 0.7370 would lead to sustained up-move. From here, the outlook for this pair is still deemed as neutral even though NZD is expected to trade sideways even though the immediate bias is for a probe lower towards the bottom of the expected  consolidation range. 

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

USD registered an ‘inside trading day’ yesterday and there is no change to our view (see below). 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.

Source: efxnews.com

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: Bullish (since 17 Jul 17, 1.3105): Target at 1.3200. 

e just turned bullish yesterday and there is no change to the view. There is a strong resistance at 1.3150 and a break above this level would shift the focus to the target at 1.3200. That said, overbought shorter-term conditions could lead to a couple of days of consolidation first. The suggested buy level of 1.3075 was met. In view of the expected short-term consolidation, stop-loss is adjusted slightly lower to 1.3000 from 1.3020.

AUD/USD: Bullish (since 14 Jul 17, 0.7730)Longs should exit half of position at 0.7900. No change in view.The shift to a bullish stance last Friday was timely . . Those who are long from 0.7730 last Friday may like to exit half of their position at 0.7900. Stop-loss should be adjusted higher to 0.7730.

NZD/USD: Neutral (since 13 Jul 17, 0.7250): Above 0.7370 would lead to sustained up-move.

The strong resistance at 0.7370 continues to check NZD strength. We have held the view that only a NY close above 0.7370 would lead to sustained up-move. From here, the outlook for this pair is still deemed as neutral even though NZD is expected to trade sideways even though the immediate bias is for a probe lower towards the bottom of the expected  consolidation range. 

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

USD registered an ‘inside trading day’ yesterday and there is no change to our view (see below). 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.

Source: efxnews.com

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