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Forex Tech Targets

Forex_Tech-Targest_01.11.2017_FXPIG

EUR/USD: Bearish (since 27 Oct 17, 1.1605): Scope for extension to 1.1530. No change in view.

There is not much to add as we just shifted from a neutral to bearish stance last Friday. As highlighted, despite the large decline post-ECB, there is scope for extension to 1.1530. That said, any further weakness would likely be at a slower pace and 1.1530 is expected to offer solid support.

GBP/USD: Neutral (since 11 Oct 17, 1.3205): Short-term weakness to extend lower to 1.3025/30.

Despite the positive daily closing yesterday, the undertone for GBP still appears weak and we continue to anticipate a move lower towards the major 1.3025/30 support. At this stage, a clear break below this level is not expected. On the upside, only a sustained move above 1.3240 (say a daily closing above this level) would indicate that the current mild downward pressure has eased.

AUD/USD: Bearish (since 26 Oct 17, 0.7705): Another down-leg towards 0.7560 is not ruled out but odds are not high. No change in view.

The 0.7630 target that was first highlighted last Thursday was exceeded as AUD dipped to a low 0.7625 during NY hours on Friday. Downward momentum has eased somewhat with the rapid rebound from the low but it is too early to expect a short-term bottom. The outlook for AUD is deemed as bearish until 0.7735 is taken out (stop-loss adjusted lower from 0.7755). Until then, another down-leg towards 0.7560 is not ruled out even though the odds for such a move are not that high.

NZD/USD: Bearish (since 19 Oct 17, 0.7030): Focus on 0.6750 now. No change in view. 

NZD exceeded the revised target at 0.6820 before rebounding quickly. Despite the ‘mild breach’ of 0.6820 (low of 0.6818), the focus has shifted to 0.6750. However, in order to maintain the current momentum (amidst oversold conditions), NZD has to move and stay below 0.6820 within these 1 to 2 days or the prospect for further weakness would diminish quickly. On the upside, only a move above 0.6905 would indicate that a short-term low is in place.

USD/JPY: Shift from bullish to NEUTRAL: In a 112.40/113.85 range.

The break of the 113.30 indicates that the bullish phase has ended. The 114.50 target was not met as USD retreated after hitting a high of 114.44 last Friday. 114.44 is viewed as an interim top and the current movement is likely part of a consolidation phase. That said, the immediate bias is tilted to the downside but at this stage, a clear break below the expected 112.40/113.85 sideway trading range is not expected.

Source: efxnews.com

EUR/USD: Bearish (since 27 Oct 17, 1.1605): Scope for extension to 1.1530. No change in view.

There is not much to add as we just shifted from a neutral to bearish stance last Friday. As highlighted, despite the large decline post-ECB, there is scope for extension to 1.1530. That said, any further weakness would likely be at a slower pace and 1.1530 is expected to offer solid support.

GBP/USD: Neutral (since 11 Oct 17, 1.3205): Short-term weakness to extend lower to 1.3025/30.

Despite the positive daily closing yesterday, the undertone for GBP still appears weak and we continue to anticipate a move lower towards the major 1.3025/30 support. At this stage, a clear break below this level is not expected. On the upside, only a sustained move above 1.3240 (say a daily closing above this level) would indicate that the current mild downward pressure has eased.

AUD/USD: Bearish (since 26 Oct 17, 0.7705): Another down-leg towards 0.7560 is not ruled out but odds are not high. No change in view.

The 0.7630 target that was first highlighted last Thursday was exceeded as AUD dipped to a low 0.7625 during NY hours on Friday. Downward momentum has eased somewhat with the rapid rebound from the low but it is too early to expect a short-term bottom. The outlook for AUD is deemed as bearish until 0.7735 is taken out (stop-loss adjusted lower from 0.7755). Until then, another down-leg towards 0.7560 is not ruled out even though the odds for such a move are not that high.

NZD/USD: Bearish (since 19 Oct 17, 0.7030): Focus on 0.6750 now. No change in view. 

NZD exceeded the revised target at 0.6820 before rebounding quickly. Despite the ‘mild breach’ of 0.6820 (low of 0.6818), the focus has shifted to 0.6750. However, in order to maintain the current momentum (amidst oversold conditions), NZD has to move and stay below 0.6820 within these 1 to 2 days or the prospect for further weakness would diminish quickly. On the upside, only a move above 0.6905 would indicate that a short-term low is in place.

USD/JPY: Shift from bullish to NEUTRAL: In a 112.40/113.85 range.

The break of the 113.30 indicates that the bullish phase has ended. The 114.50 target was not met as USD retreated after hitting a high of 114.44 last Friday. 114.44 is viewed as an interim top and the current movement is likely part of a consolidation phase. That said, the immediate bias is tilted to the downside but at this stage, a clear break below the expected 112.40/113.85 sideway trading range is not expected.

Source: efxnews.com

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