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FOREX Daily Tech Targets

EUR/USD: Neutral (since 29 May 17, 1.1180): In a 1.1140/1.1265 range.

We indicated last Friday that EUR is expected to stay under pressure unless it can move and stay above 1.1210. The unexpected rapid rebound just edged above 1.1210 at the time of writing (high of 1.1212) and the downward pressure has eased. That said, the outlook for EUR is still deemed as neutral but this pair is more likely to trade sideways between 1.1140 and 1.1265 for now (instead of extending lower to 1.1105/10 as previously expected). Looking further ahead, the direction of the next sustained move is unclear and only a break of 1.1105 or 1.1300 would give us a clearer indication. 

GBP/USD: Bearish (since 13 Jun 17, 1.2670): The prospect for further GBP weakness has diminished.

GBP traded in a relatively muted manner and closed largely unchanged last Friday. Downward momentum has waned further and this does not bode well for our current bearish view. Unless there is a sustained move below 1.2730 within these few days, a move above 1.2820 would not be surprising. To put it another ways, the prospect for further GBP weakness has diminished. 

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

The bullish phase that started on 07 Jun is still intact and as indicated previously, those who are long should consider exiting half of their position at 0.7670/75, just below the major 0.7680 resistance. The next significant resistance above 0.7680 is at the year-to-date high of 0.7750.

NZD/USD: Neutral (since 16 Jun 17, 0.7205): Upward bias but expect solid resistance at 0.7320.

We just shifted to a neutral stance on Friday and there is no change to the view. However, the subsequent strong rebound comes as a surprise and the immediate bias has shifted to the upside but any further up-move is expected to encounter solid resistance at the recent high of 0.7320. All in, this pair is expected to stay underpinned in the next few days with 0.7215 acting as a short-term key support.

USD/JPY: In a 110.30/111.10 consolidation phase.

We indicated last Friday that "a test of 111.30/35 is not ruled out but the major 111.70 resistance is unlikely to come into the picture". USD hit a high of 111.41 before dropping sharply. A temporary top is likely in place and the recent strong upward pressure has eased. The current movement is viewed as part of a consolidation phase and USD is expected to trade sideways for now, likely between 110.30 and 111.10. 

Source: efxnews.com

EUR/USD: Neutral (since 29 May 17, 1.1180): In a 1.1140/1.1265 range.

We indicated last Friday that EUR is expected to stay under pressure unless it can move and stay above 1.1210. The unexpected rapid rebound just edged above 1.1210 at the time of writing (high of 1.1212) and the downward pressure has eased. That said, the outlook for EUR is still deemed as neutral but this pair is more likely to trade sideways between 1.1140 and 1.1265 for now (instead of extending lower to 1.1105/10 as previously expected). Looking further ahead, the direction of the next sustained move is unclear and only a break of 1.1105 or 1.1300 would give us a clearer indication. 

GBP/USD: Bearish (since 13 Jun 17, 1.2670): The prospect for further GBP weakness has diminished.

GBP traded in a relatively muted manner and closed largely unchanged last Friday. Downward momentum has waned further and this does not bode well for our current bearish view. Unless there is a sustained move below 1.2730 within these few days, a move above 1.2820 would not be surprising. To put it another ways, the prospect for further GBP weakness has diminished. 

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

The bullish phase that started on 07 Jun is still intact and as indicated previously, those who are long should consider exiting half of their position at 0.7670/75, just below the major 0.7680 resistance. The next significant resistance above 0.7680 is at the year-to-date high of 0.7750.

NZD/USD: Neutral (since 16 Jun 17, 0.7205): Upward bias but expect solid resistance at 0.7320.

We just shifted to a neutral stance on Friday and there is no change to the view. However, the subsequent strong rebound comes as a surprise and the immediate bias has shifted to the upside but any further up-move is expected to encounter solid resistance at the recent high of 0.7320. All in, this pair is expected to stay underpinned in the next few days with 0.7215 acting as a short-term key support.

USD/JPY: In a 110.30/111.10 consolidation phase.

We indicated last Friday that "a test of 111.30/35 is not ruled out but the major 111.70 resistance is unlikely to come into the picture". USD hit a high of 111.41 before dropping sharply. A temporary top is likely in place and the recent strong upward pressure has eased. The current movement is viewed as part of a consolidation phase and USD is expected to trade sideways for now, likely between 110.30 and 111.10. 

Source: efxnews.com

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