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Forex Tech Targets

Forex_technical-analysis_07-02-2018_FXPIG

EUR/USD: Neutral (since 06 Feb 18, 1.2375): EUR has moved into a correction phase.

We just shifted from a bullish to neutral stance yesterday and there is no change to the view. EUR is deemed to have move into a correction phase and despite the bounce from an overnight low of 1.2313, we continue to see room for a ‘test’ of the 1.2300 support (there is another rather strong level near 1.2250). Only a move back above 1.2475 would indicate that the current mild downward pressure has eased.

GBP/USD: Neutral (since 30 Jan 18, 1.4075): Pull-back has room to extend lower.

We highlighted yesterday that the pull-back in GBP “has room to extend lower” towards 1.3800. GBP touched a low of 1.3838 during NY hours before staging a rather sharp and rapid swing higher. Despite the bounce, the undertone remains weak and we continue to see chance for a test of 1.3800 in the coming days. A clear break of this level would indicate that the January’s peak of 1.4346 is a more important top than currently expected. On the upside, only a move back above 1.4100 would indicate that the immediate downward pressure has eased.

AUD/USD:  Neutral (since 02 Feb 18, 0.8040): Bearish if NY closing is below 0.7860.

AUD touched a low of 0.7835 yesterday before rebounding strongly to close higher for the first time in 6-day. The NY closing of 0.7906 is well above our bearish ‘trigger level’ of 0.7860 and for now, we continue to hold a neutral view for this pair. While the recent weak undertone has stabilized somewhat, the risk is tilted to the downside and only a move back above 0.7980 would indicate that the immediate downward pressure has eased. Until then, a NY closing below 0.7860 is not ruled out and would indicate the start of a bearish phase (with an immediate target of 0.7805).

NZD/USD: Neutral (since 05 Feb 18, 0.7280): Scope for extension lower to 0.7220. No change in view.We just shifted from a bullish to neutral stance yesterday and there is no change to the view. The outlook for NZD is deemed as neutral even though the pull-back has scope to extend lower towards 0.7220. A clear break below this level would indicate that NZD has moved into a bearish phase. All in, NZD is expected to stay under pressure in the coming days unless it can reclaim 0.7370.

USD/JPY: Neutral (since 05 Feb 18, 110.10): USD is expected to trade sideways within a broad range. No change in view.We turned neutral on JPY yesterday and the subsequent rapid drop from a high of 110.29 came as surprise. Instead of extending its recovery to 110.80 as expected previously, USD has likely moved into a choppy and broad consolidation range. In other words, there is no change to the neutral outlook but USD is expected to trade sideways from here, likely within a broad 108.00/110.50 range.

Source:efxdata.com

EUR/USD: Neutral (since 06 Feb 18, 1.2375): EUR has moved into a correction phase.

We just shifted from a bullish to neutral stance yesterday and there is no change to the view. EUR is deemed to have move into a correction phase and despite the bounce from an overnight low of 1.2313, we continue to see room for a ‘test’ of the 1.2300 support (there is another rather strong level near 1.2250). Only a move back above 1.2475 would indicate that the current mild downward pressure has eased.

GBP/USD: Neutral (since 30 Jan 18, 1.4075): Pull-back has room to extend lower.

We highlighted yesterday that the pull-back in GBP “has room to extend lower” towards 1.3800. GBP touched a low of 1.3838 during NY hours before staging a rather sharp and rapid swing higher. Despite the bounce, the undertone remains weak and we continue to see chance for a test of 1.3800 in the coming days. A clear break of this level would indicate that the January’s peak of 1.4346 is a more important top than currently expected. On the upside, only a move back above 1.4100 would indicate that the immediate downward pressure has eased.

AUD/USD:  Neutral (since 02 Feb 18, 0.8040): Bearish if NY closing is below 0.7860.

AUD touched a low of 0.7835 yesterday before rebounding strongly to close higher for the first time in 6-day. The NY closing of 0.7906 is well above our bearish ‘trigger level’ of 0.7860 and for now, we continue to hold a neutral view for this pair. While the recent weak undertone has stabilized somewhat, the risk is tilted to the downside and only a move back above 0.7980 would indicate that the immediate downward pressure has eased. Until then, a NY closing below 0.7860 is not ruled out and would indicate the start of a bearish phase (with an immediate target of 0.7805).

NZD/USD: Neutral (since 05 Feb 18, 0.7280): Scope for extension lower to 0.7220. No change in view.We just shifted from a bullish to neutral stance yesterday and there is no change to the view. The outlook for NZD is deemed as neutral even though the pull-back has scope to extend lower towards 0.7220. A clear break below this level would indicate that NZD has moved into a bearish phase. All in, NZD is expected to stay under pressure in the coming days unless it can reclaim 0.7370.

USD/JPY: Neutral (since 05 Feb 18, 110.10): USD is expected to trade sideways within a broad range. No change in view.We turned neutral on JPY yesterday and the subsequent rapid drop from a high of 110.29 came as surprise. Instead of extending its recovery to 110.80 as expected previously, USD has likely moved into a choppy and broad consolidation range. In other words, there is no change to the neutral outlook but USD is expected to trade sideways from here, likely within a broad 108.00/110.50 range.

Source:efxdata.com

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