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FOREX Daily Tech Targets

EUR/USD: Neutral (since 29 May 17, 1.1180): Immediate downward pressure towards 1.1105/10.

The sharp and sudden decline that easily took out the strong 1.1150 support was unexpected (low of 1.1130). While downward momentum has improved considerably, we are not ready to adopt a bearish stance just yet. That said, the immediate pressure is clearly on the downside and this is expected to lead to a move towards 1.1105/10, the low in late May. A clear break below 1.1105/10 would mean that we have to contend with a much lower EUR in the coming days (next support is much lower at 1.0915). Overall, this pair is expected to stay under pressure unless it can move and stay above 1.1210. GBP/USD: Bearish (since 13 Jun 17, 1.2670): Further weakness seems likely but solid support expected at 1.2560, 1.2515.

GBP dipped to a low of 1.2691 yesterday but rebounded quickly to end the day largely unchanged. Downward momentum is waning but the bearish phase that started on Tuesday, 13 Jun is still intact. That said, GBP has to stage the ‘next leg’ lower soon or downward momentum would continue to deteriorate. In the meanwhile, stop-loss remains unchanged at 1.2820 and the immediate target is still at 1.2560.

AUD/USD: Bullish (since 07 Jun 17, 0.7515): To exit half of long position at 0.7670/75.

There is not much to add as AUD registered an ‘inside day’ yesterday. The bullish phase that started on 07 June is still intact. As indicated yesterday, those who are long should consider exiting half their position at 0.7670/75, just below the next major resistance at 0.7680. 

NZD/USD: Shift from bullish to neutral: In a 0.7150/0.7275 range.

The sharp decline in NZD after the strong gains on Wednesday was unexpected. The break of 0.7200 indicates that the 3-week long bullish phase has ended. We are neutral now and expect this pair to trade between 0.7150 and 0.7275 for now.

USD/JPY: Neutral (since 12 Jun 17, 110.35): Immediate upward pressure towards 111.70.

We indicated yesterday that “we are not convinced that the current movement is the start of a bearish phase”. However, the ability of USD to make such strong gains was unexpected. The immediate pressure has shifted to the upside and the risk is for further USD strength towards 111.70, the month-to-date high. A clear break above this level would be a good indication that USD has moved into a bullish phase. In the meanwhile, there is no reason to expect a lower USD in the coming days. As long as the key short-term support at 110.20 is not taken out, the current upward pressure would continue to increase.

Source: efxnews.com

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