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FOREX Tech Targets

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EUR/USD: Bullish (since 15 Jan 18, 1.2195): EUR has re-entered bullish phase, next level to watch is at 1.2300.

We turned bullish yesterday (15 Jan, spot at 1.2195) and the ‘round-number’ target indicated at 1.2300 was almost met as EUR hit an overnight high of 1.2296. As highlighted, from a weekly chart perspective, there is hardly any significant resistance until 1.2780. That said, it does not mean that EUR is heading higher in one ‘straight-line’ but the lack of significant resistance levels could lead to further rapid and sharp rise. Overall, the bullish phase remains intact and a break of 1.2300 would shift the focus to 1.2440 next. 

GBP/USD: Bullish (since 15 Jan 18, 1.3735): Next ‘target’ above 1.3835 is at 1.4000.

We just turned bullish GBP yesterday (15 Jan, spot at 1.3735) and the immediate ‘target’ of 1.3835 appears to be within reach (overnight high of 1.3819). A break above 1.3835 would shift the focus to 1.4000

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Next ‘target’ at 0.8000.

The up-trend in AUD remains intact as it took out the ‘revised target’ of 0.7950 (overnight high of 0.7979). As highlighted in the Chart of the Day update from last Friday (12 Jan, spot at 0.7890), in order to build on the improved momentum (amidst overbought conditions), AUD should continue to march higher and not ‘dither’ around too much. From here, the next level to watch out for is at 0.8000. Above this ‘round number’ level, there is hardly any significant resistance until the 2017 peak of 0.8125. The lack of a strong resistance could lead to further sharp and swift rally. On the downside, only a break of the 0.7860 would indicate that the bullish phase that started in mid-December has ended.

NZD/USD: Bullish (since 14 Dec 0.7015): Still bullish, revised ‘target’ is at 0.7365 now.

NZD exceeded the revised ‘target’ of 0.7280 without much difficulty and from here, the focus has shifted to 0.7365. The bullish phase that started on 14 Dec (spot at 0.7015) is approaching its fourth week now and the severely overbought conditions suggest that NZD could top out ahead of 0.7365. That said, confirmation of a short-term top is only upon a break of 0.7200.

USD/JPY: Bearish (since 12 Jan 18, 111.45): Focus is at 109.90 now.

The 110.85 target that was first highlighted on Thursday was exceeded as USD dropped to a low of 110.30 yesterday. As highlighted in the update, a break of 110.85 would shift the focus to 109.90. 109.90 is the rising weekly trend-line, connecting the lows Nov 2016 (101.15) and Sep 2017 (107.30). This is a rather strong level and is unlikely to yield so easily. 

Source:efxnews.com

EUR/USD: Bullish (since 15 Jan 18, 1.2195): EUR has re-entered bullish phase, next level to watch is at 1.2300.

We turned bullish yesterday (15 Jan, spot at 1.2195) and the ‘round-number’ target indicated at 1.2300 was almost met as EUR hit an overnight high of 1.2296. As highlighted, from a weekly chart perspective, there is hardly any significant resistance until 1.2780. That said, it does not mean that EUR is heading higher in one ‘straight-line’ but the lack of significant resistance levels could lead to further rapid and sharp rise. Overall, the bullish phase remains intact and a break of 1.2300 would shift the focus to 1.2440 next. 

GBP/USD: Bullish (since 15 Jan 18, 1.3735): Next ‘target’ above 1.3835 is at 1.4000.

We just turned bullish GBP yesterday (15 Jan, spot at 1.3735) and the immediate ‘target’ of 1.3835 appears to be within reach (overnight high of 1.3819). A break above 1.3835 would shift the focus to 1.4000

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Next ‘target’ at 0.8000.

The up-trend in AUD remains intact as it took out the ‘revised target’ of 0.7950 (overnight high of 0.7979). As highlighted in the Chart of the Day update from last Friday (12 Jan, spot at 0.7890), in order to build on the improved momentum (amidst overbought conditions), AUD should continue to march higher and not ‘dither’ around too much. From here, the next level to watch out for is at 0.8000. Above this ‘round number’ level, there is hardly any significant resistance until the 2017 peak of 0.8125. The lack of a strong resistance could lead to further sharp and swift rally. On the downside, only a break of the 0.7860 would indicate that the bullish phase that started in mid-December has ended.

NZD/USD: Bullish (since 14 Dec 0.7015): Still bullish, revised ‘target’ is at 0.7365 now.

NZD exceeded the revised ‘target’ of 0.7280 without much difficulty and from here, the focus has shifted to 0.7365. The bullish phase that started on 14 Dec (spot at 0.7015) is approaching its fourth week now and the severely overbought conditions suggest that NZD could top out ahead of 0.7365. That said, confirmation of a short-term top is only upon a break of 0.7200.

USD/JPY: Bearish (since 12 Jan 18, 111.45): Focus is at 109.90 now.

The 110.85 target that was first highlighted on Thursday was exceeded as USD dropped to a low of 110.30 yesterday. As highlighted in the update, a break of 110.85 would shift the focus to 109.90. 109.90 is the rising weekly trend-line, connecting the lows Nov 2016 (101.15) and Sep 2017 (107.30). This is a rather strong level and is unlikely to yield so easily. 

Source:efxnews.com

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