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FOREX Tech Analysis

EUR/USD: Neutral (since 31 Aug 17, 1.1895): In a 1.1770/1.1980 range. 

No change in view, see update from yesterday below. When we shifted to a neutral stance last Thursday (31 Aug), we expected EUR to trade sideways within a broad 1.1770/1.1980 range. After the release of US jobs data on Friday, EUR spiked higher but retreated quickly from a high of 1.1979. From here, we continue to view the current movement as part of a consolidation phase and further sideway trading between 1.1770 and 1.1980 still seems likely. On a shorter-term note, the bias is for a probe lower towards the bottom of the expected sideway trading range.

GBP/USD: Neutral (since 28 Aug 17, 1.2905): In a 1.2850/1.3000 range. 

We have held the view that the “strong rebound in GBP has scope to extend higher to 1.3020” since last Monday (28 Aug). GBP hit a high of 1.2995 last Friday and upward pressure has eased rapidly with the subsequent pull-back from the top. While the outlook for GBP is still viewed as neutral, this pair is more likely to trade sideways from here, likely within a 1.2850/1.3000 range. 

AUD/USD: Neutral (since 17 Aug 17, 0.7925): Still neutral; in a 0.7900/0.8040 consolidation range

No change in view, see update from yesterday below. While AUD dipped below the rising trend-line support last Thursday with low of 0.7872, it did not close below the trend-line (condition for a bearish shift was not met). The subsequent strong rebound from the low has not only eased the downward pressure but has shifted it slightly to the upside. That said, the neutral phase that started more than 2 weeks ago is still deemed as intact. However, AUD is more likely to trade sideways for now even though the immediate bias is for a probe higher towards the top of the expected 0.7900/0.8040 consolidation range.

NZD/USD: Bearish (since 01 Sep 17, 0.7175): Immediate target of 0.7100. 

No change in view, see update from yesterday below. NZD closed below 0.7190/95 last Thursday and is deemed to have moved into a bearish phase (see update on 31 Aug). The immediate target is at 0.7100.

USD/JPY: Neutral (since 15 Aug 17, 110.10): Rebound to extend further to 110.90/95. 

No change in view, see update from yesterday below. USD continues to trade in a choppy manner, hitting a high of 110.66 last Thursday before reversing quickly. While upward momentum has been dented with the swift pull-back, we continue to hold the view that the current rebound from last week’s 108.25 low has room to extend higher to test the 110.90/95 resistance. At this stage, a sustained move above this level is not expected. Only a move back below 109.00 would indicate that the immediate upward pressure has eased.

Source: efxnews.com

EUR/USD: Neutral (since 31 Aug 17, 1.1895): In a 1.1770/1.1980 range. 

No change in view, see update from yesterday below. When we shifted to a neutral stance last Thursday (31 Aug), we expected EUR to trade sideways within a broad 1.1770/1.1980 range. After the release of US jobs data on Friday, EUR spiked higher but retreated quickly from a high of 1.1979. From here, we continue to view the current movement as part of a consolidation phase and further sideway trading between 1.1770 and 1.1980 still seems likely. On a shorter-term note, the bias is for a probe lower towards the bottom of the expected sideway trading range.

GBP/USD: Neutral (since 28 Aug 17, 1.2905): In a 1.2850/1.3000 range. 

We have held the view that the “strong rebound in GBP has scope to extend higher to 1.3020” since last Monday (28 Aug). GBP hit a high of 1.2995 last Friday and upward pressure has eased rapidly with the subsequent pull-back from the top. While the outlook for GBP is still viewed as neutral, this pair is more likely to trade sideways from here, likely within a 1.2850/1.3000 range. 

AUD/USD: Neutral (since 17 Aug 17, 0.7925): Still neutral; in a 0.7900/0.8040 consolidation range

No change in view, see update from yesterday below. While AUD dipped below the rising trend-line support last Thursday with low of 0.7872, it did not close below the trend-line (condition for a bearish shift was not met). The subsequent strong rebound from the low has not only eased the downward pressure but has shifted it slightly to the upside. That said, the neutral phase that started more than 2 weeks ago is still deemed as intact. However, AUD is more likely to trade sideways for now even though the immediate bias is for a probe higher towards the top of the expected 0.7900/0.8040 consolidation range.

NZD/USD: Bearish (since 01 Sep 17, 0.7175): Immediate target of 0.7100. 

No change in view, see update from yesterday below. NZD closed below 0.7190/95 last Thursday and is deemed to have moved into a bearish phase (see update on 31 Aug). The immediate target is at 0.7100.

USD/JPY: Neutral (since 15 Aug 17, 110.10): Rebound to extend further to 110.90/95. 

No change in view, see update from yesterday below. USD continues to trade in a choppy manner, hitting a high of 110.66 last Thursday before reversing quickly. While upward momentum has been dented with the swift pull-back, we continue to hold the view that the current rebound from last week’s 108.25 low has room to extend higher to test the 110.90/95 resistance. At this stage, a sustained move above this level is not expected. Only a move back below 109.00 would indicate that the immediate upward pressure has eased.

Source: efxnews.com

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