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FOREX Tech Targets

EUR/USD: Neutral (since 07 Aug 17, 1.1785): EUR to remain underpinned as long as above 1.1750.

As indicated last Friday (11 Aug), a move back above 1.1830 would indicate that the mild downward pressure has eased. However, the pace and extent of the rebound have been more robust than expected (high of 1.1846 last Friday) and from here, EUR is expected to stay underpinned as long as it can hold above 1.1750. That said, upward momentum is not strong and any up-move is expected to struggle to move above the month-to-date high near 1.1910. On a shorter-term note, 1.1870 is already a strong resistance. 

GBP/USD: Bearish (since 07 Aug 17, 1.3045): Still bearish but odds for extension to 1.2900 are not high.

As indicated late last week, while the bearish phase that started last Monday (07 Aug, spot at 1.3045) is still intact, patchy downward momentum suggests that the odds for further extension to 1.2900 are not high. The short-term rebound last Friday reinforces our view even though GBP has to move clearly above 1.3060 to indicate that the bearish phase has ended. In the meanwhile, another push lower to 1.2900 is not ruled out just yet. 

AUD/USD: Neutral (since 27 Jul 27, 0.7995): AUD to trade sideways between 0.7830 and 0.7980.

The robust recovery ahead of the strong 0.7830 support was not unexpected (low of 0.7839 last Friday). We have highlighted the ‘lackluster momentum’ late last week and the strong rebound indicates that the recent downward pressure has eased. From here, the outlook for AUD is still deemed as neutral and this pair is expected to trade sideways between 0.7830 and 0.7980.   

NZD/USD: Bearish (since 09 Aug 17, 0.7330): Odds for further NZD weakness have diminished.

Instead of extending its decline, NZD rebounded strongly and closed on a positive note last Friday. While downward momentum has clearly been dented, the bearish phase that started in the middle of last week is deemed as intact until 0.7350 is taken out. Until then, anther push lower to the revised target at 0.7205 is not ruled out but the odds for further NZD weakness have diminished.

USD/JPY: Bearish (since 11 Aug 17, 109.15): Room for extension to 108.10.

While USD exceeded the June’s low of 108.80 last Friday, the rapid and strong recovery from a low of 108.73 came as a surprise. Shorter-term downward momentum has eased but only a move back above 110.10 would indicate that the bearish phase has ended. Until then, there is still room for the current USD weakness to extend lower to 108.10.

Source: efxnews.com

EUR/USD: Neutral (since 07 Aug 17, 1.1785): EUR to remain underpinned as long as above 1.1750.

As indicated last Friday (11 Aug), a move back above 1.1830 would indicate that the mild downward pressure has eased. However, the pace and extent of the rebound have been more robust than expected (high of 1.1846 last Friday) and from here, EUR is expected to stay underpinned as long as it can hold above 1.1750. That said, upward momentum is not strong and any up-move is expected to struggle to move above the month-to-date high near 1.1910. On a shorter-term note, 1.1870 is already a strong resistance. 

GBP/USD: Bearish (since 07 Aug 17, 1.3045): Still bearish but odds for extension to 1.2900 are not high.

As indicated late last week, while the bearish phase that started last Monday (07 Aug, spot at 1.3045) is still intact, patchy downward momentum suggests that the odds for further extension to 1.2900 are not high. The short-term rebound last Friday reinforces our view even though GBP has to move clearly above 1.3060 to indicate that the bearish phase has ended. In the meanwhile, another push lower to 1.2900 is not ruled out just yet. 

AUD/USD: Neutral (since 27 Jul 27, 0.7995): AUD to trade sideways between 0.7830 and 0.7980.

The robust recovery ahead of the strong 0.7830 support was not unexpected (low of 0.7839 last Friday). We have highlighted the ‘lackluster momentum’ late last week and the strong rebound indicates that the recent downward pressure has eased. From here, the outlook for AUD is still deemed as neutral and this pair is expected to trade sideways between 0.7830 and 0.7980.   

NZD/USD: Bearish (since 09 Aug 17, 0.7330): Odds for further NZD weakness have diminished.

Instead of extending its decline, NZD rebounded strongly and closed on a positive note last Friday. While downward momentum has clearly been dented, the bearish phase that started in the middle of last week is deemed as intact until 0.7350 is taken out. Until then, anther push lower to the revised target at 0.7205 is not ruled out but the odds for further NZD weakness have diminished.

USD/JPY: Bearish (since 11 Aug 17, 109.15): Room for extension to 108.10.

While USD exceeded the June’s low of 108.80 last Friday, the rapid and strong recovery from a low of 108.73 came as a surprise. Shorter-term downward momentum has eased but only a move back above 110.10 would indicate that the bearish phase has ended. Until then, there is still room for the current USD weakness to extend lower to 108.10.

Source: efxnews.com

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