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FOREX Tech Targets

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Odds for further extension would diminish unless there is clear break above 1.1845 soon.

EUR traded in a relatively narrow range of 1.1784/1.1845 yesterday. The bullish phase that started 2 weeks ago is still intact but upward momentum is beginning to show signs of slowing. However, further extension to 1.1875 is not ruled out just yet even though the odds for such a move would diminish quickly unless EUR can punch above 1.1845 within these 1 to 2 days. On the downside, stop-loss for the bullish view remains unchanged at 1.1720 even though a dip below 1.1770 would be a strong indication that a short-term top is imminent. 

GBP/USD: Bullish (since 01 Aug 17, 1.3195): Immediate target of 1.3270.

We just shifted to a bullish GBP stance yesterday and there is no change to view. Those looking to turn long may like to wait for a dip to 1.3140/45 to enter long. 

AUD/USD: Neutral (since 27 Jul 27, 0.7995): In 0.7870/0.8040 range.

AUD tried but failed to move above 0.8050 yesterday (high of 0.8043). As highlighted, only a NY closing above 0.8050 would indicate that AUD has moved into a bullish phase again. The sharp and rapid pull-back from the high coupled with the break of the strong shortterm support at 0.7960 suggests very slim odds for a sustained move above 0.8050 in the next few days. In other words, the neutral phase that started last Thursday is still in place but AUD is more likely to trade sideways, likely within a broad 0.7870/0.8040 range. 

NZD/USD: Shift from bullish to NEUTRAL: NZD under pressure unless can reclaim 0.7500.

While we have highlighted the diminished odds for further NZD strength in the past few updates, the sudden plunge below the 0.7460 stop-loss after the release of NZ jobs date was unexpected. The steep drop has quickly shifted the pressure to the downside even though the previous strong resistance at 0.7375 (high in Feb) is acting as a solid support now. All in, this pair is expected to stay under pressure unless it can reclaim 0.7500 in the next few days.

USD/JPY: Bearish (since 110.60):  Immediate target of 109.50.

The suggested entry level at 110.55/60 was met as USD rebounded to an overnight high of 110.58. For now, there is no change to both the immediate bearish target of 109.50 and stop-loss at 111.20. 

Source: efxnews.com

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Odds for further extension would diminish unless there is clear break above 1.1845 soon.

EUR traded in a relatively narrow range of 1.1784/1.1845 yesterday. The bullish phase that started 2 weeks ago is still intact but upward momentum is beginning to show signs of slowing. However, further extension to 1.1875 is not ruled out just yet even though the odds for such a move would diminish quickly unless EUR can punch above 1.1845 within these 1 to 2 days. On the downside, stop-loss for the bullish view remains unchanged at 1.1720 even though a dip below 1.1770 would be a strong indication that a short-term top is imminent. 

GBP/USD: Bullish (since 01 Aug 17, 1.3195): Immediate target of 1.3270.

We just shifted to a bullish GBP stance yesterday and there is no change to view. Those looking to turn long may like to wait for a dip to 1.3140/45 to enter long. 

AUD/USD: Neutral (since 27 Jul 27, 0.7995): In 0.7870/0.8040 range.

AUD tried but failed to move above 0.8050 yesterday (high of 0.8043). As highlighted, only a NY closing above 0.8050 would indicate that AUD has moved into a bullish phase again. The sharp and rapid pull-back from the high coupled with the break of the strong shortterm support at 0.7960 suggests very slim odds for a sustained move above 0.8050 in the next few days. In other words, the neutral phase that started last Thursday is still in place but AUD is more likely to trade sideways, likely within a broad 0.7870/0.8040 range. 

NZD/USD: Shift from bullish to NEUTRAL: NZD under pressure unless can reclaim 0.7500.

While we have highlighted the diminished odds for further NZD strength in the past few updates, the sudden plunge below the 0.7460 stop-loss after the release of NZ jobs date was unexpected. The steep drop has quickly shifted the pressure to the downside even though the previous strong resistance at 0.7375 (high in Feb) is acting as a solid support now. All in, this pair is expected to stay under pressure unless it can reclaim 0.7500 in the next few days.

USD/JPY: Bearish (since 110.60):  Immediate target of 109.50.

The suggested entry level at 110.55/60 was met as USD rebounded to an overnight high of 110.58. For now, there is no change to both the immediate bearish target of 109.50 and stop-loss at 111.20. 

Source: efxnews.com

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