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Forex Tech Targets

FOREX_Tech-targets-daily_18-01-2018_FXPIG

EUR/USD: Bullish (since 15 Jan 18, 1.2195): Increasing risk of an interim top.

EUR hit a ‘fresh’ high of 1.2322 yesterday but the subsequent rapid drop and the weak daily close came as a big surprise. The price action has resulted in an ‘outside bearish day’ and this suggests an increasing risk of an interim top (the 1.2166 low during Sydney hours is not far from the current ‘stop-loss’ level on this bullish view of 1.2150). Barring a move back above 1.2270 within these 1 to 2 days, a break below 1.2150 would not be surprising and would indicate that an interim top is in place at 1.2322..

GBP/USD: Bullish (since 15 Jan 18, 1.3735): Next ‘target’ of 1.4000 unlikely to come into the picture so soon.

The ease of which GBP blast past the 1.3835 ‘target’ came as a surprise. However, the subsequent rapid decline from a high of 1.3942 suggests that the rally is running ahead of itself and the next ‘target’ at 1.4000 is unlikely to come into the picture so soon. GBP is more likely to take a pause for a few days but the bullish phase that started on Monday (15 Jan, spot at 1.3735) is deemed as intact until 1.3700 is taken out.

AUD/USD:  Bullish (since 15 Dec 17, 0.7665): Overbought, next ‘target’ of 0.8125 could be out of reach.

While AUD exceeded the revised ‘target’ of 0.8000 yesterday, the rapid drop from a high of 0.8023 amidst overbought conditions serves as a warning that the 2017 high of 0.8125 could be out of reach this time round. That said, only a break of 0.7900 would indicate that the bullish phase that started in mid-December has ended.

NZD/USD: Bullish (since 14 Dec 0.7015): NZD could top ahead of 0.7365.

NZD hit a ‘fresh’ high of 0.7331 yesterday but eased off to close on a weak note. While the bullish phase that started in mid-Dec is still intact, overbought conditions and waning momentum suggest that NZD could top out ahead of 0.7365. Confirmation of a short-term top is upon a break below 0.7200.

USD/JPY: Shift from bearish to NEUTRAL: In a 110.20/112.20 range.

The swift and outsized rally from a low of 110.18 yesterday came as a big surprise. USD edged above the 111.35 ‘stop-loss’ level of our bearish view (high of 111.39 during Sydney hours) and the bullish phase that started one week ago has ended. Despite the strong gains, the current movement is viewed as part of a neutral consolidation/correction phase and not the start of a bullish reversal. The wild swing yesterday could lead to higher volatility in the coming days and USD is expected to trade sideways, likely within a broad 110.20/112.20 range.

Source:efxnews.com

EUR/USD: Bullish (since 15 Jan 18, 1.2195): Increasing risk of an interim top.

EUR hit a ‘fresh’ high of 1.2322 yesterday but the subsequent rapid drop and the weak daily close came as a big surprise. The price action has resulted in an ‘outside bearish day’ and this suggests an increasing risk of an interim top (the 1.2166 low during Sydney hours is not far from the current ‘stop-loss’ level on this bullish view of 1.2150). Barring a move back above 1.2270 within these 1 to 2 days, a break below 1.2150 would not be surprising and would indicate that an interim top is in place at 1.2322..

GBP/USD: Bullish (since 15 Jan 18, 1.3735): Next ‘target’ of 1.4000 unlikely to come into the picture so soon.

The ease of which GBP blast past the 1.3835 ‘target’ came as a surprise. However, the subsequent rapid decline from a high of 1.3942 suggests that the rally is running ahead of itself and the next ‘target’ at 1.4000 is unlikely to come into the picture so soon. GBP is more likely to take a pause for a few days but the bullish phase that started on Monday (15 Jan, spot at 1.3735) is deemed as intact until 1.3700 is taken out.

AUD/USD:  Bullish (since 15 Dec 17, 0.7665): Overbought, next ‘target’ of 0.8125 could be out of reach.

While AUD exceeded the revised ‘target’ of 0.8000 yesterday, the rapid drop from a high of 0.8023 amidst overbought conditions serves as a warning that the 2017 high of 0.8125 could be out of reach this time round. That said, only a break of 0.7900 would indicate that the bullish phase that started in mid-December has ended.

NZD/USD: Bullish (since 14 Dec 0.7015): NZD could top ahead of 0.7365.

NZD hit a ‘fresh’ high of 0.7331 yesterday but eased off to close on a weak note. While the bullish phase that started in mid-Dec is still intact, overbought conditions and waning momentum suggest that NZD could top out ahead of 0.7365. Confirmation of a short-term top is upon a break below 0.7200.

USD/JPY: Shift from bearish to NEUTRAL: In a 110.20/112.20 range.

The swift and outsized rally from a low of 110.18 yesterday came as a big surprise. USD edged above the 111.35 ‘stop-loss’ level of our bearish view (high of 111.39 during Sydney hours) and the bullish phase that started one week ago has ended. Despite the strong gains, the current movement is viewed as part of a neutral consolidation/correction phase and not the start of a bullish reversal. The wild swing yesterday could lead to higher volatility in the coming days and USD is expected to trade sideways, likely within a broad 110.20/112.20 range.

Source:efxnews.com

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