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Forex Daily Targets

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Longs should exit rest of position at 1.1800.

As indicated in the Chart of the Day update last Friday, we are aware of the current overbought conditions and in order to maintain the bullish impetus, EUR has to continue to march higher. While the strong daily closing in NY is encouraging, 1.1800 is a major resistance and a sustained move above this level seems unlikely for now (next resistance is at 1.1860). We have suggested 1.1490 as an entry level and 1.1660 as an exit level for half of long position. Those with remaining long should look to exit their position if there is a move higher to 1.1800. Stop-loss remains unchanged at 1.1630 for now even though 1.1685 is already a strong shorter-term support. 

GBP/USD: Neutral (since 21 Jul 17, 1.2965): Shift to bullish if NY closing above 1.3150. 

GBP closed on positive note last Friday (at 1.3135) but did not meet the condition needed for a shift to a bullish phase (close above 1.3150). The undertone has improved and as long as 1.3050 is not taken out within these 1 to 2 days, a shift to a bullish phase would not be surprising (and would have an immediate target of 1.3270). 

AUD/USD: Neutral (since 27 Jul 17, 0.7995): In a 0.7870/0.8050 range.

AUD dipped below the strong 0.7940 support last Friday (low of 0.7936) and the recent positive undertone has eased. While the outlook for AUD is still deemed as neutral, it is more likely to trade sideways between 0.7870 and 0.8050 for now (low odds for a shift to bullish phase again by closing above 0.8050).

NZD/USD: Bullish (since 24 Jul 17, 0.7450): Diminished odds for further NZD strength.

No change in view, see update from last Friday below.NZD briefly touched a high of 0.7557 yesterday before pulling-back sharply. While the bullish phase that started on Monday is still intact, the odds for further NZD strength have diminished. We have suggested 0.7415 as an entry level and indicated yesterday that those who are long should exit half of their position at 0.7525. In view of the rather overbought conditions, those with remaining long should look to exit their position if there a move to 0.7580 within these few days. 

USD/JPY: Shift from neutral to BEARISH:  Immediate target of 109.50. 

USD closed at 110.65 in NY last Friday, just a few pips above the key 110.60 support. However, this is enough to indicate that this pair has moved into a bearish phase again. The immediate target is for a move to the rising trend-line support at 109.50.

Source: efxnews.com

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Longs should exit rest of position at 1.1800.

As indicated in the Chart of the Day update last Friday, we are aware of the current overbought conditions and in order to maintain the bullish impetus, EUR has to continue to march higher. While the strong daily closing in NY is encouraging, 1.1800 is a major resistance and a sustained move above this level seems unlikely for now (next resistance is at 1.1860). We have suggested 1.1490 as an entry level and 1.1660 as an exit level for half of long position. Those with remaining long should look to exit their position if there is a move higher to 1.1800. Stop-loss remains unchanged at 1.1630 for now even though 1.1685 is already a strong shorter-term support. 

GBP/USD: Neutral (since 21 Jul 17, 1.2965): Shift to bullish if NY closing above 1.3150. 

GBP closed on positive note last Friday (at 1.3135) but did not meet the condition needed for a shift to a bullish phase (close above 1.3150). The undertone has improved and as long as 1.3050 is not taken out within these 1 to 2 days, a shift to a bullish phase would not be surprising (and would have an immediate target of 1.3270). 

AUD/USD: Neutral (since 27 Jul 17, 0.7995): In a 0.7870/0.8050 range.

AUD dipped below the strong 0.7940 support last Friday (low of 0.7936) and the recent positive undertone has eased. While the outlook for AUD is still deemed as neutral, it is more likely to trade sideways between 0.7870 and 0.8050 for now (low odds for a shift to bullish phase again by closing above 0.8050).

NZD/USD: Bullish (since 24 Jul 17, 0.7450): Diminished odds for further NZD strength.

No change in view, see update from last Friday below.NZD briefly touched a high of 0.7557 yesterday before pulling-back sharply. While the bullish phase that started on Monday is still intact, the odds for further NZD strength have diminished. We have suggested 0.7415 as an entry level and indicated yesterday that those who are long should exit half of their position at 0.7525. In view of the rather overbought conditions, those with remaining long should look to exit their position if there a move to 0.7580 within these few days. 

USD/JPY: Shift from neutral to BEARISH:  Immediate target of 109.50. 

USD closed at 110.65 in NY last Friday, just a few pips above the key 110.60 support. However, this is enough to indicate that this pair has moved into a bearish phase again. The immediate target is for a move to the rising trend-line support at 109.50.

Source: efxnews.com

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