something interesting

<  BACK TO Market Analysis

FOREX Tech Targets

FOREX_Daily-tech-targets-16-04-2018_FXPIG

EUR/USD: Neutral (since 05 Mar 18, 1.2335): Upward pressure dented but another attempt towards 1.2400 is not ruled out.

EUR traded in a relatively narrow 1.2305/1.2346 range last Friday before ending the day little changed. We continue to see chance for a move higher towards 1.2400 even though lackluster upward momentum suggests that a sustained break above this level is unlikely (there is another strong resistance at 1.2425). On the downside, only a move below 1.2280 would indicate that the current mild upward bias has eased. Looking further out and from a longer-term perspective, the current neutral phase that started early last month is clearly intact. Note that current level of 1.2330 is almost the same as on 05 Mar, the day we adopted a neutral stance. At this stage, there is no indication that EUR is ready to embark on a sustained directional move anytime soon.

GBP/USD: Neutral (since 07 Mar 18, 1.3895): Another ‘up-leg’ is not ruled out even though year-to-date high of 1.4346 is likely out of reach.

GBP rose to a high of 1.4296 during NY hours last Friday before easing off. While the prospect for a sustained rally is still not high, the rapidly improving momentum suggests that another ‘up-leg’ could not be ruled out even though the year-to-date peak of 1.4346 is likely out of reach (1.4310 is already quite a strong resistance). From a shorter-term perspective, the current rally is at ‘over-stretched’ levels and in order to maintain the current impetus, GBP should continue to advance quickly as a consolidation at these overbought levels would lead to a rapid loss in momentum. Overall, we expect GBP to stay supported and only a clear break below the ‘key support’ at 1.4145 (level unchanged) would indicated that a short-term top is in place. Minor support is at 1.4205.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): Corrective rebound has scope to extend higher to 0.7825.

We have maintained the same view since last Wednesday (11 Apr, 0.7760) that the corrective rebound in AUD “has scope to extend higher to 0.7825”. After holding below the short-term 0.7795/00 resistance for a couple of days, AUD broke above this level to hit a high of 0.7810 last Friday. Despite the rapid pull-back from the top, the undertone is still positive and another push higher to 0.7825 is not ruled out. That said, as highlighted previously, any advance is viewed as a “correction” and the strong 0.7825 resistance may not be easy to break. Only a move back below 0.7720 (‘key support’ previously at 0.7695) would indicate that a short-term top is in place.NZD/USD Neutral (since 05 Feb 18, 0.7280): Odds for further NZD strength have diminished.

NZD eked out a ‘fresh high’ of 0.7395 last Friday before reversing most of its gain and closed lower for the day. Upward pressure has been dented but as long as 0.7320 is not clearly taken out, there is still room for another attempt to move towards the year-to-date high of 0.7435/40 even though the odds for such a move have diminished considerably.

USD/JPY: Neutral (since 21 Feb 18, 107.35): USD is expected to trade sideways.

We noted last Friday (13 Apr, 107.25) the improved undertone “could lead to a move above 107.50” but “a break above the top of the expected 106.20/107.90 consolidation range is not expected”. USD subsequently rose to a high of 107.77 before easing off to end the day unchanged. The price action reinforces our current view and we continue expect USD to trade sideways within the range mentioned above.

Source:efxdata.com

EUR/USD: Neutral (since 05 Mar 18, 1.2335): Upward pressure dented but another attempt towards 1.2400 is not ruled out.

EUR traded in a relatively narrow 1.2305/1.2346 range last Friday before ending the day little changed. We continue to see chance for a move higher towards 1.2400 even though lackluster upward momentum suggests that a sustained break above this level is unlikely (there is another strong resistance at 1.2425). On the downside, only a move below 1.2280 would indicate that the current mild upward bias has eased. Looking further out and from a longer-term perspective, the current neutral phase that started early last month is clearly intact. Note that current level of 1.2330 is almost the same as on 05 Mar, the day we adopted a neutral stance. At this stage, there is no indication that EUR is ready to embark on a sustained directional move anytime soon.

GBP/USD: Neutral (since 07 Mar 18, 1.3895): Another ‘up-leg’ is not ruled out even though year-to-date high of 1.4346 is likely out of reach.

GBP rose to a high of 1.4296 during NY hours last Friday before easing off. While the prospect for a sustained rally is still not high, the rapidly improving momentum suggests that another ‘up-leg’ could not be ruled out even though the year-to-date peak of 1.4346 is likely out of reach (1.4310 is already quite a strong resistance). From a shorter-term perspective, the current rally is at ‘over-stretched’ levels and in order to maintain the current impetus, GBP should continue to advance quickly as a consolidation at these overbought levels would lead to a rapid loss in momentum. Overall, we expect GBP to stay supported and only a clear break below the ‘key support’ at 1.4145 (level unchanged) would indicated that a short-term top is in place. Minor support is at 1.4205.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): Corrective rebound has scope to extend higher to 0.7825.

We have maintained the same view since last Wednesday (11 Apr, 0.7760) that the corrective rebound in AUD “has scope to extend higher to 0.7825”. After holding below the short-term 0.7795/00 resistance for a couple of days, AUD broke above this level to hit a high of 0.7810 last Friday. Despite the rapid pull-back from the top, the undertone is still positive and another push higher to 0.7825 is not ruled out. That said, as highlighted previously, any advance is viewed as a “correction” and the strong 0.7825 resistance may not be easy to break. Only a move back below 0.7720 (‘key support’ previously at 0.7695) would indicate that a short-term top is in place.NZD/USD Neutral (since 05 Feb 18, 0.7280): Odds for further NZD strength have diminished.

NZD eked out a ‘fresh high’ of 0.7395 last Friday before reversing most of its gain and closed lower for the day. Upward pressure has been dented but as long as 0.7320 is not clearly taken out, there is still room for another attempt to move towards the year-to-date high of 0.7435/40 even though the odds for such a move have diminished considerably.

USD/JPY: Neutral (since 21 Feb 18, 107.35): USD is expected to trade sideways.

We noted last Friday (13 Apr, 107.25) the improved undertone “could lead to a move above 107.50” but “a break above the top of the expected 106.20/107.90 consolidation range is not expected”. USD subsequently rose to a high of 107.77 before easing off to end the day unchanged. The price action reinforces our current view and we continue expect USD to trade sideways within the range mentioned above.

Source:efxdata.com

lastest Articles

Market Analysis
USD/JPY comes down to test 109.00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar edges down against euro with ECB on deck
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro edges off eight-week lows ahead of ECB meeting
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 26.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Oil prices rise as trader look past U.S. supply, focus on Iran sanctions
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (24.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD: 1.2300 is key resistance, offered below towards 1.2153
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: All traders by nature desire ways to find profitable trades
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD hovering down at 1.3950 as US
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling stuck near one-month lows as dollar bounces on yield rise
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Firm yields push dollar to a four-month high
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 25.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Antipodeans dive as 10-yr T-yields regain 3%, light trading to extend
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY turning gears at 109.00 handle as US yields weigh on stocks
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (23.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Quips of Wisdom
Forex Trading Quote: The view of trading changes after a loss it is your job to get it back to where it was
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD within a tight range around 1.2200, US data eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling falls to five-week low on dollar rebound, Brexit nerves
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro pinned at two-month lows as U.S. yields weigh
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD: Recovery remains capped near 1.3960
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 24.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: If you understand and accept risk, you will never risk too much again
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD weaker, challenging lows near 1.2200
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY could advance to 108.60
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Weekly Update (16-20.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling stuck at two-week low as investors cautious over May rate hike
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 23.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: USD regains poise in Asia, EZ PMIs in focus
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling extends slide after Carney punctures BoE rate hike bets
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Week Ahead:Central Bank Comments Boost US Dollar
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD: Staying Short; EUR/CHF: Dips Attractive Buy Absent Trade Wars Escalation
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (19.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD below 1.2300 handle, remains under pressure
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote:If you are thinking about getting out, your competition is already flat
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
CAD/JPY softens below 85.00 on weak Canadian inflation
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar climbs to 11-day high, boosted by rising Treasury yields, pound slide
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Euro marks time before ECB guidance next week; sterling drops
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 20.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Kiwi – weakest in Asia, a light session ahead
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (18.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/JPY kicks higher toward sessions’ highs amid stronger USD
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: Eventually you will run out of money if you run from your losses
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/CAD scope for a test of 1.2550/00
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Sterling falls after disappointing UK retail sales
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD challenges lows near 1.2360 ahead of US docket
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: AUD bulls shrug-off dismal Aus jobs, UK retail sales – key
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (17.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
NZD/USD trades above 0.7300 ahead of Fed’s speakers and New Zealand inflation
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: Separate your desire from actions
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/CAD in 2-day tops post-BoC, near 1.2640
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY retreats from tops, near 107.20
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX- Dollar rises as risk appetite returns, investors turn to data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 18.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Yen sold-off into risk-on, UK and EZ CPI – Up next
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (16.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Mr. Markets
Is it really that complicated?
https://secure.gravatar.com/avatar/8b0332acc130dc650331fd558f82add2
Market Analysis
FOREX Tech Targets 17.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: avoid majority's tendencies
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD – Euro Shrugs Off Soft ZEW Economic Sentiment, Touches 3-Week High
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD recovery faltered around 0.7790
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/USD sits and waits for UK jobs, earnings figures
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Aussie hit by RBA minutes, mixed China data, UK jobs, ZEW eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Weekly Update (09-14.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
FOREX Tech Targets 16.04.2018: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: I'm not sure one can really define why some traders make it, while others do not
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD eyes YTD tops on US data, around 1.4310
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD shorts grew, EUR longs surge back - Rabobank
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
WTI holds $ 66 mark amid Syria strikes and US rigs data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: Asia shrugs off Syria strikes as "one-off event", what’s next?
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Asian markets pull back, lose early gains
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
The EURUSD remains confined in a narrow trading range for the 2nd week in a row.
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
The USDJPY is trying to get "bulled up" but don't be too bullish yet
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Wall Street stocks down on Friday but end the week in positive territories
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
AUD/USD rejects 0.78 handle ahead of RBA on Tuesday
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
FOREX Trading Quote: stick to your style-Marcus
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling hits 10-week high vs dollar, 11-month peak vs. euro
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Week Ahead: Dollar Looks to Retail Sales With Syrian Anxiety in the Background
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
GBP/JPY consolidating after testing 154 handle
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (12.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
USD/JPY consolidative near term
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: What the wise man does in the beginning, the fool does in the end
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
EUR/USD – Euro Trading Sideways as German CPI Matches Forecast
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar rises to six-week high vs yen on Syria risk, U.S. earnings
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
FOREX Tech Targets 13.04.2018: EUR/USD, GBP/USD, NZD/USD, USD/JPY - UOB
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Asian markets wobble after China posts surprise trade deficit
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/GBP: eyes a break to 0.86 the figure on extended downside
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (11.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/JPY is testing weekly highs ahead of BoE’s Carney speech
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: Without faith in his own judgment no man can go very far in this game
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Gold retreats from 2 1/2-month high as Trump walks back immediacy of response to Syria
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Dollar struggles near two-week lows as tensions persist
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD within range ahead of ECB, around 1.2370
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
Forex Today: USD bid amid geopolitical and trade tensions, ECB minutes, Carney eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
USD/JPY flirts with weekly lows amid geopolitical turmoil
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
PAMM News
Managed Forex Accounts Daily Results (10.04.2018)
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
GBP/USD stabilizes near 1.4180 level
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Quips of Wisdom
Forex Trading Quote: Being free of debt frees your mind and reduces stress
https://en.gravatar.com/userimage/34011725/cac48086660b253b9c1e53a8b4a23604.png
Market Analysis
Sterling pauses on soft data
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613
Market Analysis
EUR/USD eases from tops near 1.2390, US CPI, Draghi eyed
https://secure.gravatar.com/avatar/b23a9c274f4a28b6ab7acddb98b80613