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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

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