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FOREX Daily Tech Targets

EUR/USD: Neutral (since 29 May 17, 1.1180): Increasing risk of a break below 1.1105/10.

EUR declined sharply yesterday after edging above the key short-term resistance at 1.1210 (high of 1.1213). The pace and extent of the drop and the subsequent weak daily closing has shifted the pressure towards the downside again. That said, EUR has to break clearly below 1.1105/10 to indicate that it has moved into a bearish phase. This scenario seems likely unless EUR can move and stay above 1.1200 within these 1 to 2 days. Looking further ahead, a break below 1.1105/10 would indicate that a move lower towards 1.1025 has started. 

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

GBP touched a high of 1.2814 yesterday, just several pips below the stop-loss for our bearish view at 1.2820. While the rapid pull-back from the high is encouraging for our view, GBP has to move and stay below 1.2730 or the odds for further GBP weakness towards the major 1.2560 level are still that as high as preferred. In the meanwhile, those who are holding short positions should continue to use 1.2820 as a stop-loss.

AUD/USD: Bullish (since 07 Jun 17, 0.7515): To exit half of long position at current level of 0.7600.

AUD touched a high of 0.7636 last Wednesday, 14 Jun but has since traded mostly sideways below this level. Upward momentum has deteriorated and the odds for extension to 0.7680 have diminished. Those who are long from about 2 weeks ago should exit half of their position at current level of 0.7600. 

NZD/USD: Neutral (since 16 Jun 17, 0.7205): In a 0.7170/0.7275 range.

The quick rise to a high of 0.7298 and the equally rapid decline was unexpected. That said, the neutral phase that started last Friday, 16 Jun is still intact even though NZD is more likely to trade in a 0.7150/0.7275 range instead of extending higher towards the recent higher at 0.7320 as expected previously. 

USD/JPY: Shift from neutral to bullish: Anticipating a break of 112.10 for a move to 112.80.

While we held the view that the recent USD strength has room to extend higher to 111.70, the rapid pace of the rally was unexpected. The week-long neutral phase has shifted to bullish and from here, we are anticipating a break above 112.10 (minor peak in late-May) for a move to 112.80.


Source: efxnews.com

EUR/USD: Neutral (since 29 May 17, 1.1180): Increasing risk of a break below 1.1105/10.

EUR declined sharply yesterday after edging above the key short-term resistance at 1.1210 (high of 1.1213). The pace and extent of the drop and the subsequent weak daily closing has shifted the pressure towards the downside again. That said, EUR has to break clearly below 1.1105/10 to indicate that it has moved into a bearish phase. This scenario seems likely unless EUR can move and stay above 1.1200 within these 1 to 2 days. Looking further ahead, a break below 1.1105/10 would indicate that a move lower towards 1.1025 has started. 

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

GBP touched a high of 1.2814 yesterday, just several pips below the stop-loss for our bearish view at 1.2820. While the rapid pull-back from the high is encouraging for our view, GBP has to move and stay below 1.2730 or the odds for further GBP weakness towards the major 1.2560 level are still that as high as preferred. In the meanwhile, those who are holding short positions should continue to use 1.2820 as a stop-loss.

AUD/USD: Bullish (since 07 Jun 17, 0.7515): To exit half of long position at current level of 0.7600.

AUD touched a high of 0.7636 last Wednesday, 14 Jun but has since traded mostly sideways below this level. Upward momentum has deteriorated and the odds for extension to 0.7680 have diminished. Those who are long from about 2 weeks ago should exit half of their position at current level of 0.7600. 

NZD/USD: Neutral (since 16 Jun 17, 0.7205): In a 0.7170/0.7275 range.

The quick rise to a high of 0.7298 and the equally rapid decline was unexpected. That said, the neutral phase that started last Friday, 16 Jun is still intact even though NZD is more likely to trade in a 0.7150/0.7275 range instead of extending higher towards the recent higher at 0.7320 as expected previously. 

USD/JPY: Shift from neutral to bullish: Anticipating a break of 112.10 for a move to 112.80.

While we held the view that the recent USD strength has room to extend higher to 111.70, the rapid pace of the rally was unexpected. The week-long neutral phase has shifted to bullish and from here, we are anticipating a break above 112.10 (minor peak in late-May) for a move to 112.80.


Source: efxnews.com

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