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FOREX Daily Targets

EUR/USD: Neutral (06 Jul 17, 1.1350): Shift to bullish again if NY closing is above 1.1445.

There is not much to add as EUR traded within a relatively narrow range of 1.1380/1.1417 yesterday. While upward momentum is beginning to wane, another push higher to move clearly above the major 1.1445 resistance is not ruled out just yet. This scenario still appears likely as long as 1.1340 is intact. That said, unless we see a move higher within these 1 to 2 days, the odds for further EUR strength would diminish quickly.

USD/JPY: Neutral (since 05 Jul 17, 1.2925): In a 1.2800/1.2975 range.

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): In a narrower 0.7540/0.7660 range.

AUD registered an ‘inside day’ yesterday and there is no change to the current neutral outlook for AUD. This pair is expected to trade sideways, likely between 0.7540 and 0.7660. 

NZD/USD: Neutral (since 16 Jun 17, 0.7205): Under pressure unless can reclaim 0.7300.

While NZD traded in a tight 0.7263/0.7282 yesterday, downward momentum is improving quickly with the sharp decline after NY close. The bottom of the expected 0.7230/0.7350 consolidation range would likely come under test soon and a clear break below this level would suggest a lower NZD in the days ahead. From here, downward momentum would continue to improve unless this pair can reclaim 0.7300 within these few days. Looking further ahead, a clear break below 0.7230 would indicate that a move towards 0.7185 has started. 

USD/JPY: Bullish (since 20 Jun 17, 111.65): Above 114.35 shift focus to 115.50. 

There is not much to add to update from yesterday (reproduced below).The bullish phase in USD is entering its third week and the strong daily closing above 113.55 last Friday suggests that there is scope for a break above 114.35, the high back in May. We indicated last Thursday that in order for USD to maintain its bullish impetus, it has to ‘move and stay above 113.55’ and now that the condition is met, the odds for further USD strength appear to be quite high. From here, a break above 114.35 could lead to acceleration higher as the next significant resistance is much further up at 115.50 (high in March). We have suggested those who are long USD from 111.65 to exit half of their position at 112.75 previously. Those with remaining long should utilize 113.00 as a stop-loss.

Source: efxnews.com

EUR/USD: Neutral (06 Jul 17, 1.1350): Shift to bullish again if NY closing is above 1.1445.

There is not much to add as EUR traded within a relatively narrow range of 1.1380/1.1417 yesterday. While upward momentum is beginning to wane, another push higher to move clearly above the major 1.1445 resistance is not ruled out just yet. This scenario still appears likely as long as 1.1340 is intact. That said, unless we see a move higher within these 1 to 2 days, the odds for further EUR strength would diminish quickly.

USD/JPY: Neutral (since 05 Jul 17, 1.2925): In a 1.2800/1.2975 range.

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): In a narrower 0.7540/0.7660 range.

AUD registered an ‘inside day’ yesterday and there is no change to the current neutral outlook for AUD. This pair is expected to trade sideways, likely between 0.7540 and 0.7660. 

NZD/USD: Neutral (since 16 Jun 17, 0.7205): Under pressure unless can reclaim 0.7300.

While NZD traded in a tight 0.7263/0.7282 yesterday, downward momentum is improving quickly with the sharp decline after NY close. The bottom of the expected 0.7230/0.7350 consolidation range would likely come under test soon and a clear break below this level would suggest a lower NZD in the days ahead. From here, downward momentum would continue to improve unless this pair can reclaim 0.7300 within these few days. Looking further ahead, a clear break below 0.7230 would indicate that a move towards 0.7185 has started. 

USD/JPY: Bullish (since 20 Jun 17, 111.65): Above 114.35 shift focus to 115.50. 

There is not much to add to update from yesterday (reproduced below).The bullish phase in USD is entering its third week and the strong daily closing above 113.55 last Friday suggests that there is scope for a break above 114.35, the high back in May. We indicated last Thursday that in order for USD to maintain its bullish impetus, it has to ‘move and stay above 113.55’ and now that the condition is met, the odds for further USD strength appear to be quite high. From here, a break above 114.35 could lead to acceleration higher as the next significant resistance is much further up at 115.50 (high in March). We have suggested those who are long USD from 111.65 to exit half of their position at 112.75 previously. Those with remaining long should utilize 113.00 as a stop-loss.

Source: efxnews.com

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