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Forex Tech Targets

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EUR/USD: Bearish (since 27 Oct 17, 1.1640): Scope for extension to 1.1530.

We have been bearish for more than a week now  and since then EUR has not been able to make much headway on the downside. That said, the weak daily closing on Friday is encouraging for our view and we continue to expect EUR to move lower towards 1.1530.

GBP/USD: Bearish (since 03 Nov 17, 1.3055): Over-extended but room for extension to 1.2970. No change in view. 

GBP plunged after BOE’s decision to raise rate for the first time in a decade. While the outsized decline has shifted the outlook for GBP to bearish, the down-move is already approaching the major 1.3025/30 level (last month’s low as well as rising trend-line support). The rapid drop appears to be running ahead of itself but a dip below 1.3025/30 would not be surprising and this could lead to a test of the next support near 1.2970. The next significant support is at 1.2870 and at this stage, the prospect of a move towards this level is not high. On the upside, the key level is at 1.3320 (this week’s high) but if GBP can move and stay above 1.3200, it would be enough to indicate that a temporary low is in place. On a shorter-term note, 1.3135 is already a strong resistance.

AUD/USD: Neutral (since 03 Nov 17, 0.7715): In a lower range of 0.7600/0.7730.

We shifted from a bearish to neutral stance last Friday and there is no change to the view. That said, the sharp and rapid pull-back was unexpected. For now, we continue to expect range trading albeit likely at a lower range of 0.7600/0.7730 (instead of 0.7630/0.7770 expected previously). Looking further out, only a daily closing below 0.7600 would suggest that AUD has re-entered a bearish phase.

NZD/USD:  Neutral (since 01 Nov 17, 0.6895): In a 0.6825/0.6980 range.

There is not much to add as we continue to hold a neutral view for NZD. As highlighted in recent updates, the current movement is viewed as the early stage of a consolidation phase even though the immediate bias is for a probe higher towards the top of the expected 0.6825/0.6980 range.

USD/JPY: Neutral (since 31 Oct 17, 113.10): Shift to bullish if NY closing is above 114.50.

USD ended the week on a strong note last Friday and this suggests an increasing risk of a sustained move above the critical 114.50 level. As highlighted in recent updates, a break of this key resistance could lead to a rapid rise in USD. The next significant resistance above this level is at 115.50, the high seen in March. This scenario would not be surprising as long as 113.30 is not breached in the coming days (113.65 is already a strong shorter-term support).

Source:efxnews.com

EUR/USD: Bearish (since 27 Oct 17, 1.1640): Scope for extension to 1.1530.

We have been bearish for more than a week now  and since then EUR has not been able to make much headway on the downside. That said, the weak daily closing on Friday is encouraging for our view and we continue to expect EUR to move lower towards 1.1530.

GBP/USD: Bearish (since 03 Nov 17, 1.3055): Over-extended but room for extension to 1.2970. No change in view. 

GBP plunged after BOE’s decision to raise rate for the first time in a decade. While the outsized decline has shifted the outlook for GBP to bearish, the down-move is already approaching the major 1.3025/30 level (last month’s low as well as rising trend-line support). The rapid drop appears to be running ahead of itself but a dip below 1.3025/30 would not be surprising and this could lead to a test of the next support near 1.2970. The next significant support is at 1.2870 and at this stage, the prospect of a move towards this level is not high. On the upside, the key level is at 1.3320 (this week’s high) but if GBP can move and stay above 1.3200, it would be enough to indicate that a temporary low is in place. On a shorter-term note, 1.3135 is already a strong resistance.

AUD/USD: Neutral (since 03 Nov 17, 0.7715): In a lower range of 0.7600/0.7730.

We shifted from a bearish to neutral stance last Friday and there is no change to the view. That said, the sharp and rapid pull-back was unexpected. For now, we continue to expect range trading albeit likely at a lower range of 0.7600/0.7730 (instead of 0.7630/0.7770 expected previously). Looking further out, only a daily closing below 0.7600 would suggest that AUD has re-entered a bearish phase.

NZD/USD:  Neutral (since 01 Nov 17, 0.6895): In a 0.6825/0.6980 range.

There is not much to add as we continue to hold a neutral view for NZD. As highlighted in recent updates, the current movement is viewed as the early stage of a consolidation phase even though the immediate bias is for a probe higher towards the top of the expected 0.6825/0.6980 range.

USD/JPY: Neutral (since 31 Oct 17, 113.10): Shift to bullish if NY closing is above 114.50.

USD ended the week on a strong note last Friday and this suggests an increasing risk of a sustained move above the critical 114.50 level. As highlighted in recent updates, a break of this key resistance could lead to a rapid rise in USD. The next significant resistance above this level is at 115.50, the high seen in March. This scenario would not be surprising as long as 113.30 is not breached in the coming days (113.65 is already a strong shorter-term support).

Source:efxnews.com

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