something interesting

<  BACK TO Market Analysis

FOREX Daily Targets

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Took half profit at 1.1660, focus on 1.1710 next.

The partial profit taking level suggested last Friday at 1.1660 was exceeded as EUR hit a high of 1.1682. The next level to focus on is clearly at the Aug 2015 peak of 1.1710.  Above this level, there are no significant resistances until the next ‘round number’ of 1.1800. All in, the bullish phase that started last Wednesday is deemed as intact until 1.1550 is taken out (level unchanged). On a shorter-term note, 1.1615 is already a very strong level. 

GBP/USD: Neutral (since 21 Jul 17, 1.2965): In a 1.2870/1.3060 range.

We just adopted a neutral stance on GBP last Friday and there is no change to the view. The current price action is viewed as part of a consolidation phase and this pair is expected to trade sideways between 1.2870 and 1.3060. The immediate bias appears to be tilted to the downside but any weakness is unlikely to seriously threaten the 1.2870 support. 

AUD/USD: Bullish (since 14 Jul 17, 0.7730): Diminished odds for further AUD strength, to exit remaining long at 0.8000.

While the weak daily closing last Friday clearly suggests that upward momentum is waning, it is too early to expect an end to the bullish phase that started on 14 July (spot at 0.7730). That said, the odds for further AUD strength have diminished but until the stop-loss at 0.7850 is taken out (level unchanged), another push higher towards 0.8000 is not ruled out just yet. We have suggested exiting half of long position previously at 0.7900 on 17 Jul, and those with remaining long should look to exit the rest of their position if there is a move to 0.8000. 

NZD/USD: Shift from neutral to BULLISH: Target a move to 0.7530.

We indicated last Friday that “upward momentum is picking up strongly and a shift to a bullish phase would not be surprising”. However, the strong surge higher was not exactly expected as NZD closed well above the key 0.7405 level (NY closing at 0.7454). The outlook has shifted to bullish and the target from here is at 0.7530 (with strong ‘intervening’ resistance at 0.7485). In view of the severely overbought shorter-term conditions, those looking to enter long may like to wait for a dip to 0.7415. 

USD/JPY: Shift from neutral to BEARISH:  Oversold, downside extension could be limited to 110.20.

While we have held the same view that “USD is under immediate downward pressure to 111.00” since last Wednesday (19 Jul, spot at 111.95), the rapid pace of the decline that easily took out 111.00 was unexpected. The outlook for USD has shifted to bearish but oversold conditions suggest that downside extension could be limited to 110.20. 

Source: efxnews.com

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Took half profit at 1.1660, focus on 1.1710 next.

The partial profit taking level suggested last Friday at 1.1660 was exceeded as EUR hit a high of 1.1682. The next level to focus on is clearly at the Aug 2015 peak of 1.1710.  Above this level, there are no significant resistances until the next ‘round number’ of 1.1800. All in, the bullish phase that started last Wednesday is deemed as intact until 1.1550 is taken out (level unchanged). On a shorter-term note, 1.1615 is already a very strong level. 

GBP/USD: Neutral (since 21 Jul 17, 1.2965): In a 1.2870/1.3060 range.

We just adopted a neutral stance on GBP last Friday and there is no change to the view. The current price action is viewed as part of a consolidation phase and this pair is expected to trade sideways between 1.2870 and 1.3060. The immediate bias appears to be tilted to the downside but any weakness is unlikely to seriously threaten the 1.2870 support. 

AUD/USD: Bullish (since 14 Jul 17, 0.7730): Diminished odds for further AUD strength, to exit remaining long at 0.8000.

While the weak daily closing last Friday clearly suggests that upward momentum is waning, it is too early to expect an end to the bullish phase that started on 14 July (spot at 0.7730). That said, the odds for further AUD strength have diminished but until the stop-loss at 0.7850 is taken out (level unchanged), another push higher towards 0.8000 is not ruled out just yet. We have suggested exiting half of long position previously at 0.7900 on 17 Jul, and those with remaining long should look to exit the rest of their position if there is a move to 0.8000. 

NZD/USD: Shift from neutral to BULLISH: Target a move to 0.7530.

We indicated last Friday that “upward momentum is picking up strongly and a shift to a bullish phase would not be surprising”. However, the strong surge higher was not exactly expected as NZD closed well above the key 0.7405 level (NY closing at 0.7454). The outlook has shifted to bullish and the target from here is at 0.7530 (with strong ‘intervening’ resistance at 0.7485). In view of the severely overbought shorter-term conditions, those looking to enter long may like to wait for a dip to 0.7415. 

USD/JPY: Shift from neutral to BEARISH:  Oversold, downside extension could be limited to 110.20.

While we have held the same view that “USD is under immediate downward pressure to 111.00” since last Wednesday (19 Jul, spot at 111.95), the rapid pace of the decline that easily took out 111.00 was unexpected. The outlook for USD has shifted to bearish but oversold conditions suggest that downside extension could be limited to 110.20. 

Source: efxnews.com

lastest Articles

Market Analysis
Forex Week Ahead – Virus Watch, China data to rebound while the world braces for pain, and why the dollar looks so vulnerable
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Will King Dollar be re-coronated after the plunge? Virus, consumer data, eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Prices Steady Despite Increased Coronavirus Stimulus Hopes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dumping extends, US coronavirus cases top China’s; US House vote eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Watching if bulls are able to capitalize the momentum
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Pares Gains As Nervous Market Looks To US Jobless Claims
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: EUR, JPY in the lead after Senate's stamp, ahead of horrible US jobless claims, BOE
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: The picture is improving
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Futures: Upside looks capped
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Senate strikes stimulus, stocks may sell the fact, dollar pressured, coronavirus data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
S&P 500 futures jump 5% and hit the limit-up band of 2,333.50
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD bulls looking to extend the momentum beyond 1.1700 mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD firmer above 1.0800 post-PMIs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: 35-year uptrend breached – Commerzbank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: New week, same corona carnage, dollar down vs. majors, excels elsewhere, US Senate eye
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Tougher times ahead?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold rallies further beyond $1500 mark, fresh session tops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB’s stimulus package: Lagarde’s “Whatever it Takes” moment – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar takes a breather, coronavirus claims 10,000 lives, “quadruple witching” eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Canada: BoC to keep the system running – RBC Economics
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Several OPEC members calling for new action – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro at Risk Ahead of German IFO Data and SNB Rate Decision
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Crude Oil Futures: Still scope for a rebound… but when?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold slides further below $1500 mark, losing around 2.5% for the day
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Base metals: Sign of weakening demand emerging – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Typical dead cat bounce ove
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Prices Slide Again As Coronavirus Prompts Cash Raising
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominant as markets bounce after Trump's recession talk, focus on fiscal stimulus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoJ Governor Kuroda: Possible to deepen negative interest rates further
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Faced rejection near the 1.1200 round-figure mark
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Fed and BOJ to add more to the punchbowl, Virus disruption, and a fourth week of heightened volatility
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Fed to cut 100bps at its next meeting – Deutsche Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB: EUR/USD heading lower as looks for fiscal measures – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold: Wave of selling also hit the yellow metal
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold surrenders early gains, back near $1640 level despite coronavirus-led jitters
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Trump fails to reassure coronavirus-concerned America, stocks down, gold up, ECB eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Analysis Ahead of ECB Rate Decision and Lagarde Outlook
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Pullback Fizzles Amid Speculation for More Fed Rate Cuts
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: GBP/USD tumbles as BOE surprises with 50bp cut to 0.25% ahead of UK budget
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen rallies hard as US stimulus doubts, coronavirus fears hit stocks, USD and yields
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD resuming rise amid doubts over US fiscal stimulus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Dollar dominates after the coronavirus crash amid Trump's tax promises, Chinese hopes
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Global shares plunge in worst day since financial crisis
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Monday mayhem, wild currency moves, Gold fakeout, oil -30%, amid coronavirus panic
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil Prices Crash 25% As Oil War Begins
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
Time to Spring Forward
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Market volatility here to stay
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
The Fed could cut rates further at the March meeting – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold remains confined in a range, around $1640
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD flirting with daily highs around 1.1140
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD – Euro Rally May Just Be Getting Started vs US Dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Pres. Trump: Fed should ease and “cut rate big”
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoE's Tenreyro: Important to highlight that we were not in a rush to raise interest rates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Coronavirus update: First confirmed case in London, total infections in Iran at 1,501
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Price Analysis: Upside stalled just ahead of the 200-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Central Banks, OPEC + and Governments prepare to cushion the coronavirus impact
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US: Markets not focused on Super Tuesday
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB's Vasiliauskas says extraordinary meeting may be called over coronavirus, EUR/USD off the highs
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Markets in freefall: Carney warns UK faces downgrade over coronavirus – latest updates
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
ECB's Schnabel: Coronavirus increased uncertainty about global growth outlook
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD now looks to 1.0925 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold clings to gains near session tops, around $1650 region
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus clobbers markets, dollar on the defensive (for now), Bitcoin battered
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro Outlook Somber as COVID-19 Threatens EU Corporate Debt
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold corrects further from multi-year tops, slides to $1635 area
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Turn-up Tuesday? Dollar, stocks bouncing, Gold down, after coronavirus-related plunge
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/JPY Price Analysis: Decline is challenging the 200-day SMA
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar Index Price Analysis: Still scope for a move to 100.00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week ahead – Race to face the Don
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FED: Three arguments for a rate cut – Nordea
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Breaking: EUR/USD jumps above 1.08 as German Manufacturing PMI beats with 47.8
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
FXSniper X2 Risk Available in EURO Now
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Overnight sharp fall
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Long-term extremes for EUR/USD, USD/JPY, AUD/USD, Gold amid coronavirus fears, USD rally
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Asian stocks slip as virus' regional spread spooks investors
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Futures: Green light for extra gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Possible test of 1.06 – Danske Bank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen slips as risk recovers on fading coronavirus fears; UK CPI – up next
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
RBA Minutes: Prepared to ease monetary policy further – ANZ
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
BoJ expected to ease further into 2020 – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Risk sold amid coronavirus-led rising economic costs; a busy docket ahead
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Company News
EuroHook Pamm - The Fishermans's Bastion
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: A bottom looks closer – UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Turning a Corner on COVID-19
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Energy sector up
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Upsurge testing major resistance
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: EUR/USD falls toward Macron gap, Pound enjoys Javid jump, US consumer, coronavirus eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Australian dollar: Under the weight of the world – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
US Dollar May Rise on Haven Demand as Coronavirus Fears Swell
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Price Analysis: Levels to watch after coronavirus-fueled jump – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold Edges Lower as Coronavirus Worries Take Back Seat To Stock Gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Fed Chair Powell likely to give Congress largely positive economic update
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Coronavirus fears subside, trio of central bankers set to move USD, EUR, GBP
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD May Rise on Wuhan Virus Risk Ahead of White House Budget
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: China tries to calm coronavirus-hit markets, dollar remains strong, Bitcoin battles $10,000
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD remains capped and vulnerable to additional falls – Confluence Detector
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Week Ahead – Virus risk uncertainty, Powell testifies to Congress, RBNZ to signal patience, and Germany’s recession fears
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil: Markets await the result of production cuts – Westpac
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Gold struggles for direction around $1,570/oz
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Oversold conditions implying a bounce
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613