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Forex Tech Targets

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EUR/USD: Neutral (since 15 Nov 17, 1.1795): Improved undertone but too early to expect a sustained up-move. No change in view.

While the undertone for EUR has improved considerably with strong daily closing yesterday, it is too early to expect the start of a sustained up-move. That said, the current mild upward pressure could lead to a retest of the 1.1960 high seen earlier this week. Only a clear break of this strong resistance (say a daily closing above this level) would indicate that a move towards the year-to-date high at 1.2092 has started. The odds for this scenario are not high at this stage but would continue to improve as long as the key short-term support at 1.1805 is intact.

GBP/USD: Bullish (since 30 Nov 17, 1.3415): Above 1.3570 shift focus to 1.3660.

GBP touched a high of 1.3550 last Friday and the strong 1.3570 resistance remains unchallenged. As highlighted in recent updates, a clear break of 1.3570 would shift the focus towards the year-to-date high of 1.3660. This scenario would not be surprising even though overbought shorter-term conditions could lead to a few days of consolidation first. Only a move back below 1.3390 would indicate that a top is in place.

AUD/USD: Neutral (since 24 Nov 17, 0.7625): In a 0.7530/0.7650 range.

There is no change to the current neutral outlook for AUD. We continue to expect range trading between 0.7530 and 0.7650 but the recent price action looks increasingly like a ‘basing process’. However, only a clear break above 0.7650 would indicate that a sustained recovery towards 0.7730 has started. The odds for such a move are not high but would improve as long as the major 0.7530 support is not breached in the next several days.

NZD/USD: Neutral (since 23 Nov 17, 0.6880): In a 0.6815/0.6935 range.

NZD rebounded strongly last Friday and took out the strong 0.6900 resistance (high of 0.6913). Despite the quick pull-back from the high, the mild downward pressure highlighted in recent updates has eased. However, there is no change to the current neutral outlook and from here, NZD is expected to trade sideways, likely within a 0.6815/0.6935 range. Looking further ahead, a break of 0.6935 could signal the start of a stronger recovery towards last month’s peak near 0.6980.

USD/JPY:  Neutral (since 30 Nov 17, 112.00): In a 111.30/112.80 range.

We highlighted last Friday that while a move above the top of the expected 111.30/112.80 consolidation range is not ruled out, only a clear break above 113.15 would suggest a stronger recovery towards 113.70 has started. The high registered earlier this morning has been 112.98 and we continue to see strong resistance at 113.15. That said, the odds for a clear break above this level have improved and would continue to improve as long as 111.30 is intact. On a shorter-term note, 111.90 is already quite a strong support.

Source:efxnews.com

EUR/USD: Neutral (since 15 Nov 17, 1.1795): Improved undertone but too early to expect a sustained up-move. No change in view.

While the undertone for EUR has improved considerably with strong daily closing yesterday, it is too early to expect the start of a sustained up-move. That said, the current mild upward pressure could lead to a retest of the 1.1960 high seen earlier this week. Only a clear break of this strong resistance (say a daily closing above this level) would indicate that a move towards the year-to-date high at 1.2092 has started. The odds for this scenario are not high at this stage but would continue to improve as long as the key short-term support at 1.1805 is intact.

GBP/USD: Bullish (since 30 Nov 17, 1.3415): Above 1.3570 shift focus to 1.3660.

GBP touched a high of 1.3550 last Friday and the strong 1.3570 resistance remains unchallenged. As highlighted in recent updates, a clear break of 1.3570 would shift the focus towards the year-to-date high of 1.3660. This scenario would not be surprising even though overbought shorter-term conditions could lead to a few days of consolidation first. Only a move back below 1.3390 would indicate that a top is in place.

AUD/USD: Neutral (since 24 Nov 17, 0.7625): In a 0.7530/0.7650 range.

There is no change to the current neutral outlook for AUD. We continue to expect range trading between 0.7530 and 0.7650 but the recent price action looks increasingly like a ‘basing process’. However, only a clear break above 0.7650 would indicate that a sustained recovery towards 0.7730 has started. The odds for such a move are not high but would improve as long as the major 0.7530 support is not breached in the next several days.

NZD/USD: Neutral (since 23 Nov 17, 0.6880): In a 0.6815/0.6935 range.

NZD rebounded strongly last Friday and took out the strong 0.6900 resistance (high of 0.6913). Despite the quick pull-back from the high, the mild downward pressure highlighted in recent updates has eased. However, there is no change to the current neutral outlook and from here, NZD is expected to trade sideways, likely within a 0.6815/0.6935 range. Looking further ahead, a break of 0.6935 could signal the start of a stronger recovery towards last month’s peak near 0.6980.

USD/JPY:  Neutral (since 30 Nov 17, 112.00): In a 111.30/112.80 range.

We highlighted last Friday that while a move above the top of the expected 111.30/112.80 consolidation range is not ruled out, only a clear break above 113.15 would suggest a stronger recovery towards 113.70 has started. The high registered earlier this morning has been 112.98 and we continue to see strong resistance at 113.15. That said, the odds for a clear break above this level have improved and would continue to improve as long as 111.30 is intact. On a shorter-term note, 111.90 is already quite a strong support.

Source:efxnews.com

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