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FOREX Tech Analysis

FOREX-TECH-ANALYSIS_TECHNICAL-ANALYSIS_TECH-TARGETS_FXPIG_FOREX_FX

EUR/USD: Neutral (since 14 Sep 17, 1.1890): Recovery has room to extend higher to 1.1930. No change in view.There is not much to add as we continue to hold the view that the current recovery in EUR has room to extend higher to 1.1930. While it is early days still, the odds for a sustained move above 1.1930 have improved. Overall, this pair is expected to stay underpinned in the coming days as long as the key short-term support at 1.1760 is intact. On a shorter-term note, 1.1810 is already a strong support.

GBP/USD: Neutral (since 11 Oct 17, 1.3205): In a 1.3100/1.3330 range.

GBP traded in a choppy manner yesterday and registered a wide range of 170 pips (between 1.3122 and 1.3292). The whippy price action reinforces our current neutral view for GBP and we continue to expect this pair to trade sideways within a broad 1.3100/1.3330 range.

AUD/USD: Shift from bearish to NEUTRAL: In a 0.7780/0.7900 range.

We highlighted the diminished odds for further AUD weakness in recent updates and the breach of the 0.7835 stop-loss was not surprising (high of 0.7836). AUD has likely made a short-term low at 0.7733 last week and the current price action is viewed as part of a correction/consolidation phase. From here, there is room for a probe higher towards the top of the expected 0.7770/0.7900 consolidation range but at this stage a clear break above is not expected. 

NZD/USD: Shift from bearish to NEUTRAL: Rebound has scope to extend to 0.7200.

Our recent bearish expectation was proven wrong quickly as NZD rose above the 0.7140 stop-loss (overnight high of 0.7146). While the outlook for this pair is deemed as neutral now, the current rebound has room to extend higher to 0.7200. At this stage, a sustained move above this level seems unlikely. On the downside, only a move back below 0.7065 would indicate that the current mild upward pressure has eased.

USD/JPY: Neutral (since 11 Oct 17, 112.40): In a 111.45/112.90 range. No change in view.We just turned neutral on USD yesterday and there is no change to the view. The 113.43 high registered last Friday is deemed as a short-term top and USD has likely moved into a consolidation phase. That said, the immediate bias is tilted to the downside but at this stage, any weakness is unlikely to move clearly below the expected 111.45/112.90 consolidation range.

Source:efxnews.com

EUR/USD: Neutral (since 14 Sep 17, 1.1890): Recovery has room to extend higher to 1.1930. No change in view.There is not much to add as we continue to hold the view that the current recovery in EUR has room to extend higher to 1.1930. While it is early days still, the odds for a sustained move above 1.1930 have improved. Overall, this pair is expected to stay underpinned in the coming days as long as the key short-term support at 1.1760 is intact. On a shorter-term note, 1.1810 is already a strong support.

GBP/USD: Neutral (since 11 Oct 17, 1.3205): In a 1.3100/1.3330 range.

GBP traded in a choppy manner yesterday and registered a wide range of 170 pips (between 1.3122 and 1.3292). The whippy price action reinforces our current neutral view for GBP and we continue to expect this pair to trade sideways within a broad 1.3100/1.3330 range.

AUD/USD: Shift from bearish to NEUTRAL: In a 0.7780/0.7900 range.

We highlighted the diminished odds for further AUD weakness in recent updates and the breach of the 0.7835 stop-loss was not surprising (high of 0.7836). AUD has likely made a short-term low at 0.7733 last week and the current price action is viewed as part of a correction/consolidation phase. From here, there is room for a probe higher towards the top of the expected 0.7770/0.7900 consolidation range but at this stage a clear break above is not expected. 

NZD/USD: Shift from bearish to NEUTRAL: Rebound has scope to extend to 0.7200.

Our recent bearish expectation was proven wrong quickly as NZD rose above the 0.7140 stop-loss (overnight high of 0.7146). While the outlook for this pair is deemed as neutral now, the current rebound has room to extend higher to 0.7200. At this stage, a sustained move above this level seems unlikely. On the downside, only a move back below 0.7065 would indicate that the current mild upward pressure has eased.

USD/JPY: Neutral (since 11 Oct 17, 112.40): In a 111.45/112.90 range. No change in view.We just turned neutral on USD yesterday and there is no change to the view. The 113.43 high registered last Friday is deemed as a short-term top and USD has likely moved into a consolidation phase. That said, the immediate bias is tilted to the downside but at this stage, any weakness is unlikely to move clearly below the expected 111.45/112.90 consolidation range.

Source:efxnews.com

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