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Forex Tech Targets

Forex-daily-tech-targets_04-01-2018_FXPIG

EUR/USD: 1.2060 Increased odds for a clear break above 1.2100. 

We shifted to a bullish stance yesterday (02 Jan, spot at 1.2005) and expected EUR to ‘retest’ the major 1.2100 resistance.  While the high has been 1.2082, the rapid rise and the solid daily closing yesterday suggest that the odds for a clear break above 1.2100 have increased. The next resistance above 1.2100 is at 1.2140 followed by 1.2200. Support is at 1.2000 but only a move back below the current ‘stop-loss’ at 1.1970 would indicate an end to the bullish phase. 

GBP/USD: Shift from neutral to BULLISH: Immediate target of 1.3660.

We indicated yesterday (02 Jan ,spot at 1.3510) that the outlook for GBP would shift to bullish if there is a NY closing above 1.3550. GBP closed well above this level and from here, the immediate bullish target is at the 2017 peak near 1.3660. Looking further out, the next resistance is at 1.3835. On the downside, a break of 1.3500 (‘stop-loss level) is enough to indicate that our bullish view is wrong.

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Rally is overbought but extension to 0.7900 not ruled out. No change in view.

The strong rally since the middle of last month is clearly overbought. However, strong and impulsive upward momentum suggests that further extension towards the October’s peak near 0.7800 is not ruled out. That said, 0.7850 is rather strong shorter-term resistance and this level may not yield so easily. On the downside, only a move back below 0.7740 would indicate that the current bullish AUD phase has ended. 

NZD/USD: Bullish (since 14 Dec 0.7015): Odds for further extension to 0.7170 not high. No change in view. 

When we shifted to a bullish stance about 2 weeks ago (see update on 14 Dec, spot at 0.7015), we highlighted that the bullish phase has “room for extension to 0.7080, possibly 0.7120”. NZD hit a high of 0.7124 last Friday and the combination of overbought conditions and waning momentum suggest that the odds for further extension toward the next resistance at 0.7170 are not that high. The current ‘stoploss’ for the bullish view is at 0.7030.

USD/JPY: Neutral (since 30 Nov 17, 112.00): Shift to bearish if NY closing is below 112.00.

We indicated yesterday (02 Jan, spot at 112.70) that downward momentum is beginning to pick up and the immediate bias is for a probe lower towards the bottom of the expected 112.00/113.50 consolidation range. USD hit a low of 112.04 before rebounding. However, downward momentum has improved further and from here, a NY close below 112.00 would suggest the start of a bearish phase (with an immediate target of 111.40 followed by 110.85). This scenario seems likely unless USD can move and stay above 112.80 within these 1 to 2 days.

Source:efxnews.com

EUR/USD: 1.2060 Increased odds for a clear break above 1.2100. 

We shifted to a bullish stance yesterday (02 Jan, spot at 1.2005) and expected EUR to ‘retest’ the major 1.2100 resistance.  While the high has been 1.2082, the rapid rise and the solid daily closing yesterday suggest that the odds for a clear break above 1.2100 have increased. The next resistance above 1.2100 is at 1.2140 followed by 1.2200. Support is at 1.2000 but only a move back below the current ‘stop-loss’ at 1.1970 would indicate an end to the bullish phase. 

GBP/USD: Shift from neutral to BULLISH: Immediate target of 1.3660.

We indicated yesterday (02 Jan ,spot at 1.3510) that the outlook for GBP would shift to bullish if there is a NY closing above 1.3550. GBP closed well above this level and from here, the immediate bullish target is at the 2017 peak near 1.3660. Looking further out, the next resistance is at 1.3835. On the downside, a break of 1.3500 (‘stop-loss level) is enough to indicate that our bullish view is wrong.

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Rally is overbought but extension to 0.7900 not ruled out. No change in view.

The strong rally since the middle of last month is clearly overbought. However, strong and impulsive upward momentum suggests that further extension towards the October’s peak near 0.7800 is not ruled out. That said, 0.7850 is rather strong shorter-term resistance and this level may not yield so easily. On the downside, only a move back below 0.7740 would indicate that the current bullish AUD phase has ended. 

NZD/USD: Bullish (since 14 Dec 0.7015): Odds for further extension to 0.7170 not high. No change in view. 

When we shifted to a bullish stance about 2 weeks ago (see update on 14 Dec, spot at 0.7015), we highlighted that the bullish phase has “room for extension to 0.7080, possibly 0.7120”. NZD hit a high of 0.7124 last Friday and the combination of overbought conditions and waning momentum suggest that the odds for further extension toward the next resistance at 0.7170 are not that high. The current ‘stoploss’ for the bullish view is at 0.7030.

USD/JPY: Neutral (since 30 Nov 17, 112.00): Shift to bearish if NY closing is below 112.00.

We indicated yesterday (02 Jan, spot at 112.70) that downward momentum is beginning to pick up and the immediate bias is for a probe lower towards the bottom of the expected 112.00/113.50 consolidation range. USD hit a low of 112.04 before rebounding. However, downward momentum has improved further and from here, a NY close below 112.00 would suggest the start of a bearish phase (with an immediate target of 111.40 followed by 110.85). This scenario seems likely unless USD can move and stay above 112.80 within these 1 to 2 days.

Source:efxnews.com

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