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FOREX Tech Targets

FOREX_Tech-Targets-14.12.2017_FXPIG

EUR/USD: Neutral (since 15 Nov 17, 1.1795): Another dip towards the strong 1.1710 support is not ruled out just yet.

We highlighted yesterday that “until 1.1855 (key short-term resistance) is clearly taken out, another dip towards the strong 1.1710 support is not ruled out just yet”. EUR hit an overnight low of 1.1716 and with no sign of stabilization yet, the immediate pressure remains on the downside. However, 1.1710 is a major level and is expected to offer solid support but a clear break (especially if there is a NY close below this level) would suggests a deeper down-move in EUR in the coming days. Overall, EUR is expected to stay under pressure for now unless it can reclaim the key short-term resistance at 1.1815 (adjusted from 1.1855 previously).

GBP/USD: Neutral (since 06 Dec 17, 1.3420): Increasing odds for a sustained down-move unless GBP can reclaim 1.3400.

While we viewed the recent movement as part of a 1.3280/1.3490 consolidation range, short-term downward pressure has improved further. For now, the odds for a clear break below 1.3280 are not high but would continue to improve unless GBP can reclaim 1.3400 within the next few days.

AUD/USD: Neutral (since 24 Nov 17, 0.7625): Rebound has room to extend towards 0.7615.

We highlighted yesterday that “AUD has to reclaim 0.7580 in order to indicate that the current downward pressure has eased”. The subsequent unexpectedly strong up-move hit an overnight high of 0.7580. The strong daily closing in NY has shifted the pressure to the upside and the current rebound has room to extend towards 0.7615. At this stage, the prospect for a move towards the major 0.7655 is not high. Overall, AUD is deemed to have made a short-term low at 0.7501 last week this level is expected to hold in the coming days (on a shorter-term note, 0.7515 is already a rather strong support).

NZD/USD: Neutral (since 23 Nov 17, 0.6880): Rebound has scope to extend higher towards 0.6980. No change in view.

The more than 1% surge in NZD yesterday came as a surprise. The clear break of several strong resistance levels has shifted the pressure to the upside and the current rebound appears to have scope to extend higher towards last month’s 0.6980 top. Overall, NZD is expected to stay underpinned in the coming days with 0.6850 acting as a ‘key short-term support’. Looking further ahead, a clear break above 0.6980 would be a good indication that NZD has moved into a bullish phase.

USD/JPY: Neutral (since 30 Nov 17, 112.00): Rebound has room to extend to 113.90.

There is not much to add as we continue to see room for the current rebound in USD to extend higher to 113.90. Shorter-term momentum remains positive but 113.90 is a strong level and may not be easy to crack (next resistance is at 114.30). Support is at 113.40 but only a move below the short-term key support at 113.00 (previously at 112.80) would indicate that a short-term top is in place.

Source: efxnews.com

EUR/USD: Neutral (since 15 Nov 17, 1.1795): Another dip towards the strong 1.1710 support is not ruled out just yet.

We highlighted yesterday that “until 1.1855 (key short-term resistance) is clearly taken out, another dip towards the strong 1.1710 support is not ruled out just yet”. EUR hit an overnight low of 1.1716 and with no sign of stabilization yet, the immediate pressure remains on the downside. However, 1.1710 is a major level and is expected to offer solid support but a clear break (especially if there is a NY close below this level) would suggests a deeper down-move in EUR in the coming days. Overall, EUR is expected to stay under pressure for now unless it can reclaim the key short-term resistance at 1.1815 (adjusted from 1.1855 previously).

GBP/USD: Neutral (since 06 Dec 17, 1.3420): Increasing odds for a sustained down-move unless GBP can reclaim 1.3400.

While we viewed the recent movement as part of a 1.3280/1.3490 consolidation range, short-term downward pressure has improved further. For now, the odds for a clear break below 1.3280 are not high but would continue to improve unless GBP can reclaim 1.3400 within the next few days.

AUD/USD: Neutral (since 24 Nov 17, 0.7625): Rebound has room to extend towards 0.7615.

We highlighted yesterday that “AUD has to reclaim 0.7580 in order to indicate that the current downward pressure has eased”. The subsequent unexpectedly strong up-move hit an overnight high of 0.7580. The strong daily closing in NY has shifted the pressure to the upside and the current rebound has room to extend towards 0.7615. At this stage, the prospect for a move towards the major 0.7655 is not high. Overall, AUD is deemed to have made a short-term low at 0.7501 last week this level is expected to hold in the coming days (on a shorter-term note, 0.7515 is already a rather strong support).

NZD/USD: Neutral (since 23 Nov 17, 0.6880): Rebound has scope to extend higher towards 0.6980. No change in view.

The more than 1% surge in NZD yesterday came as a surprise. The clear break of several strong resistance levels has shifted the pressure to the upside and the current rebound appears to have scope to extend higher towards last month’s 0.6980 top. Overall, NZD is expected to stay underpinned in the coming days with 0.6850 acting as a ‘key short-term support’. Looking further ahead, a clear break above 0.6980 would be a good indication that NZD has moved into a bullish phase.

USD/JPY: Neutral (since 30 Nov 17, 112.00): Rebound has room to extend to 113.90.

There is not much to add as we continue to see room for the current rebound in USD to extend higher to 113.90. Shorter-term momentum remains positive but 113.90 is a strong level and may not be easy to crack (next resistance is at 114.30). Support is at 113.40 but only a move below the short-term key support at 113.00 (previously at 112.80) would indicate that a short-term top is in place.

Source: efxnews.com

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