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FOREX Tech Targets

FOREX_Daily-tech-targets_09-04-2018_FXPIG

GBP/USD: Neutral (since 07 Mar 18, 1.3895): GBP has moved into a sideways trading mode.

Despite the surprisingly strong rebound in GBP last Friday, we continue to view the price action as part of a ‘sideway trading’ phase. That said, the previously expected 1.3935/1.4100 consolidation range is probably too narrow and from here, a wider 1.3935/1.4160 range appears to be more representational of the current price action. Overall, there is no early indication that GBP is ready to embark on a sustained directional move anytime soon.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): Still neutral but immediate bias is for a probe of the top of 0.7630/0.7770 consolidation range.

There is not much to add as AUD traded mostly sideways last Friday. There is no change to the neutral view even though the undertone remains positive and the immediate bias is for a probe higher towards the top of the expected 0.7630/0.7770 consolidation range. For now, a sustained up-move is not expected.

NZD/USD: 0Neutral (since 05 Feb 18, 0.7280): Immediate pressure has shifted to the upside.

NZD touched a low of 0.7244 last Friday, just a few pips above the ‘key support’ highlighted at 0.7240 in recent updates. As mentioned, as long 0.7240 is intact, the immediate risk is for a move towards last month’s 0.7355 top. That said, the prospect for a sustained move above this level is deemed as low. Looking further ahead, a dip below 0.7240 would not change the current neutral outlook but indicate that NZD has moved into a lower consolidation range.

Source:efxdata.com

GBP/USD: Neutral (since 07 Mar 18, 1.3895): GBP has moved into a sideways trading mode.

Despite the surprisingly strong rebound in GBP last Friday, we continue to view the price action as part of a ‘sideway trading’ phase. That said, the previously expected 1.3935/1.4100 consolidation range is probably too narrow and from here, a wider 1.3935/1.4160 range appears to be more representational of the current price action. Overall, there is no early indication that GBP is ready to embark on a sustained directional move anytime soon.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): Still neutral but immediate bias is for a probe of the top of 0.7630/0.7770 consolidation range.

There is not much to add as AUD traded mostly sideways last Friday. There is no change to the neutral view even though the undertone remains positive and the immediate bias is for a probe higher towards the top of the expected 0.7630/0.7770 consolidation range. For now, a sustained up-move is not expected.

NZD/USD: 0Neutral (since 05 Feb 18, 0.7280): Immediate pressure has shifted to the upside.

NZD touched a low of 0.7244 last Friday, just a few pips above the ‘key support’ highlighted at 0.7240 in recent updates. As mentioned, as long 0.7240 is intact, the immediate risk is for a move towards last month’s 0.7355 top. That said, the prospect for a sustained move above this level is deemed as low. Looking further ahead, a dip below 0.7240 would not change the current neutral outlook but indicate that NZD has moved into a lower consolidation range.

Source:efxdata.com

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