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FOREX Tech Targets

EUR/USD: Neutral (since 07 Aug 17, 1.1785): In a 1.1730/1.1885 range.

The rapid swing lower after the sharp rise on Monday (that hit a high of 1.1828) came as a surprise. For now, we continue to view the price action as part of a 1.1730/1.1885 consolidation range. However, a clear break below 1.1730 would suggest that the short-term pressure has shifted to the downside again even though any weakness is expected to encounter solid support at 1.1700 followed by the month-to-date low near 1.1660. 

GBP/USD: Bearish (since 07 Aug 17, 1.3045): Break below 1.2775 would shift focus to 1.2720.

Despite the perceived ‘diminished odds’ for further weakness, GBP lurched lower yesterday and edged below the July’s low of 1.2812 (overnight low of 1.2810). After languishing for several days, downward momentum has picked up again and the revised target of 1.2775 appears to be within reach. A clear break below this level would shift focus to 1.2720. On the upside, only a break of 1.2920 would indicate that the bearish phase that started on 07 Aug (spot at 1.3045) has ended

AUD/USD: Neutral (since 17 Aug 17, 0.7925): Break of rising trend-line could lead to a deeper decline.

AUD has been unable to make much headway on the upside after rebounding strongly from a low 0.7808 last week. The weak daily closing yesterday is enough to indicate that the mild upward pressure over the past several days has eased. From here, all eyes are on the rising trend-line support (connecting the lows of 0.7372 and 0.7570, see chart below) which is currently sitting at 0.7845/50 as a break of this level could presage a deeper decline below the 0.7808 low seen last week. At this stage, the odds for such a move are not high but would continue to improve unless AUD can move above 0.7960 in the next few days. On a shorter-term note, 0.7930 is already a strong resistance.

NZD/USD: Neutral (since 17 Aug 17, 0.7310): Break of 0.7235/40 would indicate a move below the month’s low of 0.7202.

After struggling to move above 0.7335 for the past several days, NZD dropped sharply yesterday to hit a low of 0.7274. The decline coupled with the weak daily closing has clearly shifted the pressure to the downside. The level to watch out for is at the trend-line support near 0.7235/40. This trend-line looks like the neck-line of a ‘head & shoulder’ formation and a break of this level would be a good indication that NZD is on the way to take to take out the July’s low of 0.7202 (next support at 0.7150). This scenario seems likely unless NZD can move above 0.7335 within these 1 to 2 days.

USD/JPY: Neutral (since 15 Aug 17, 110.10):  USD under pressure unless can reclaim 110.00.

The strong rebound from the support near 108.55/60 came as a surprise (this level was tested last Friday and on Monday but held both times). While the risk for further weakness has diminished, only a move back above 110.00 would indicate that the immediate downward pressure has eased. Until then, another attempt to challenge 108.55/60 is not ruled out just yet (even though this level is expected to continue to offer solid support). A move back above 110.00 would not change the current neutral outlook but USD is then expected to trade in a broad sideway consolidation range.  

Source: efxnews.com

EUR/USD: Neutral (since 07 Aug 17, 1.1785): In a 1.1730/1.1885 range.

The rapid swing lower after the sharp rise on Monday (that hit a high of 1.1828) came as a surprise. For now, we continue to view the price action as part of a 1.1730/1.1885 consolidation range. However, a clear break below 1.1730 would suggest that the short-term pressure has shifted to the downside again even though any weakness is expected to encounter solid support at 1.1700 followed by the month-to-date low near 1.1660. 

GBP/USD: Bearish (since 07 Aug 17, 1.3045): Break below 1.2775 would shift focus to 1.2720.

Despite the perceived ‘diminished odds’ for further weakness, GBP lurched lower yesterday and edged below the July’s low of 1.2812 (overnight low of 1.2810). After languishing for several days, downward momentum has picked up again and the revised target of 1.2775 appears to be within reach. A clear break below this level would shift focus to 1.2720. On the upside, only a break of 1.2920 would indicate that the bearish phase that started on 07 Aug (spot at 1.3045) has ended

AUD/USD: Neutral (since 17 Aug 17, 0.7925): Break of rising trend-line could lead to a deeper decline.

AUD has been unable to make much headway on the upside after rebounding strongly from a low 0.7808 last week. The weak daily closing yesterday is enough to indicate that the mild upward pressure over the past several days has eased. From here, all eyes are on the rising trend-line support (connecting the lows of 0.7372 and 0.7570, see chart below) which is currently sitting at 0.7845/50 as a break of this level could presage a deeper decline below the 0.7808 low seen last week. At this stage, the odds for such a move are not high but would continue to improve unless AUD can move above 0.7960 in the next few days. On a shorter-term note, 0.7930 is already a strong resistance.

NZD/USD: Neutral (since 17 Aug 17, 0.7310): Break of 0.7235/40 would indicate a move below the month’s low of 0.7202.

After struggling to move above 0.7335 for the past several days, NZD dropped sharply yesterday to hit a low of 0.7274. The decline coupled with the weak daily closing has clearly shifted the pressure to the downside. The level to watch out for is at the trend-line support near 0.7235/40. This trend-line looks like the neck-line of a ‘head & shoulder’ formation and a break of this level would be a good indication that NZD is on the way to take to take out the July’s low of 0.7202 (next support at 0.7150). This scenario seems likely unless NZD can move above 0.7335 within these 1 to 2 days.

USD/JPY: Neutral (since 15 Aug 17, 110.10):  USD under pressure unless can reclaim 110.00.

The strong rebound from the support near 108.55/60 came as a surprise (this level was tested last Friday and on Monday but held both times). While the risk for further weakness has diminished, only a move back above 110.00 would indicate that the immediate downward pressure has eased. Until then, another attempt to challenge 108.55/60 is not ruled out just yet (even though this level is expected to continue to offer solid support). A move back above 110.00 would not change the current neutral outlook but USD is then expected to trade in a broad sideway consolidation range.  

Source: efxnews.com

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