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Forex Tech Targets

FOREX_Daily-tech-targets_11-01-2018_FXPIG

EUR/USD:  Neutral (since 09 Jan 18, 1.1965): In a 1.1870/1.2050 range. No change in view.

We just turned neutral on EUR yesterday and there is no change to the view. As highlighted, improved shorter-term downward momentum suggests immediate downward pressure but we continue to view any weakness as part of a broader 1.1870/1.2050 consolidation range and not the start of a major bearish reverse.

GBP/USD: Neutral (since 04 Jan 18, 1.3510): In a 1.3400/1.3600 range. No change in view.

There is no change to the current neutral view as GBP traded in a relatively quiet manner over the past several days. The movement is still viewed as part of 1.3400/1.3600 consolidation range. That said, shorter-term undertone has deteriorated somewhat and GBP could stage a probe lower towards the bottom of the expected range in the coming days.

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Increasing risk of short-term top. No change in view.

We highlighted yesterday that “time is not on the side of AUD bulls” and the weak daily closing in NY has increased the risk of a shortterm top considerably. A break of 0.7790  would indicate that the bullish phase that started in mid-December has ended and the start a consolidation/correction phase. This scenario would not be surprising unless AUD can move and stay above 0.7865 within these 1 to 2 days.

NZD/USD: Bullish (since 14 Dec 0.7015): Resurgence in upward momentum, focus is at 0.7280 now.

We highlighted yesterday that “unless NZD can move above 0.7185 within these 1 to 2 days”, the risk of a short-term top would increase. NZD not only managed to move above this level but cracked the very strong 0.7200 resistance and hit a high of 0.7230. The resurgence in upward momentum has shifted the focus towards the next resistance at 0.7280. Support is at 0.7170 but only a move back below 0.7140 would indicate that the current bullish phase has ended.

USD/JPY: Shift from neutral to BEARISH: Immediate target of 110.85.

The condition of “a NY close below 111.90” highlighted yesterday (10 Jan) was met as USD plunged to a low of 111.26 and closed well below 111.90. The outlook for USD has shifted to bearish and from here, the immediate target is at 110.85, the low registered in November last year. This is a rather strong support and a break of this level could open up the way for further decline towards the rising trend-line support on the weekly chart, connecting the lows of 101.15 (Nov 16) and 107.30 (Sep 2017), currently sitting near 109.90.  Resistance is at 112.05 but only a break of 112.50 would indicate that our bearish expectation is wrong. 

Source:efxnews.com

EUR/USD:  Neutral (since 09 Jan 18, 1.1965): In a 1.1870/1.2050 range. No change in view.

We just turned neutral on EUR yesterday and there is no change to the view. As highlighted, improved shorter-term downward momentum suggests immediate downward pressure but we continue to view any weakness as part of a broader 1.1870/1.2050 consolidation range and not the start of a major bearish reverse.

GBP/USD: Neutral (since 04 Jan 18, 1.3510): In a 1.3400/1.3600 range. No change in view.

There is no change to the current neutral view as GBP traded in a relatively quiet manner over the past several days. The movement is still viewed as part of 1.3400/1.3600 consolidation range. That said, shorter-term undertone has deteriorated somewhat and GBP could stage a probe lower towards the bottom of the expected range in the coming days.

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Increasing risk of short-term top. No change in view.

We highlighted yesterday that “time is not on the side of AUD bulls” and the weak daily closing in NY has increased the risk of a shortterm top considerably. A break of 0.7790  would indicate that the bullish phase that started in mid-December has ended and the start a consolidation/correction phase. This scenario would not be surprising unless AUD can move and stay above 0.7865 within these 1 to 2 days.

NZD/USD: Bullish (since 14 Dec 0.7015): Resurgence in upward momentum, focus is at 0.7280 now.

We highlighted yesterday that “unless NZD can move above 0.7185 within these 1 to 2 days”, the risk of a short-term top would increase. NZD not only managed to move above this level but cracked the very strong 0.7200 resistance and hit a high of 0.7230. The resurgence in upward momentum has shifted the focus towards the next resistance at 0.7280. Support is at 0.7170 but only a move back below 0.7140 would indicate that the current bullish phase has ended.

USD/JPY: Shift from neutral to BEARISH: Immediate target of 110.85.

The condition of “a NY close below 111.90” highlighted yesterday (10 Jan) was met as USD plunged to a low of 111.26 and closed well below 111.90. The outlook for USD has shifted to bearish and from here, the immediate target is at 110.85, the low registered in November last year. This is a rather strong support and a break of this level could open up the way for further decline towards the rising trend-line support on the weekly chart, connecting the lows of 101.15 (Nov 16) and 107.30 (Sep 2017), currently sitting near 109.90.  Resistance is at 112.05 but only a break of 112.50 would indicate that our bearish expectation is wrong. 

Source:efxnews.com

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