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FOREX Tech Targets

Forex_targets_21.11.2017_FXPIG

EUR/USD: Neutral (since 15 Nov 17, 1.1795): In a 1.1655/1.1860 range.

Despite the strong rebound in EUR last week, the price action is deemed as part of a neutral consolidation phase and not the start of a bullish phase. In other words, EUR is expected to trade sideways, likely within a broad 1.1655/1.1860 range.

GBP/USD: Neutral (since 13 Nov 17, 1.3190): In a 1.3065/1.3320 range.

The outlook for GBP has shifted to neutral last week and the consolidation phase appears incomplete. Indicators are mostly ‘flat’ which suggest further range trading, likely within a 1.3065/1.3320 range.

AUD/USD: Bearish (since 16 Nov 17, 0.7590): Over-extended but room for further weakness to 0.7475/80.

The outlook for AUD shifted to bearish last week when it broke clearly below the major 0.7600 support. The sharp and rapid decline appears to be over-extended but there is room for further weakness towards 0.7475/80. This level is the rising trend-line support on the weekly chart (connecting the 0.6827 low in Jan 16 and 0.7163 low in Dec16) and is expected to offer solid support. On the upside, only a move back above 0.7640 would indicate that the current bearish phase has ended.

NZD/USD: Bearish (since 15 Nov 17, 0.6875): Oversold but room for extension to 0.6750.

The outlook for NZD shifted to bearish last week. The rapid decline came as a surprise as NZD hit a fresh year-to-date low of 0.6781 last Friday. While oversold, there is room for extension lower towards 0.6750. Only a move back above 0.6885 would indicate that a shortterm low is in place.

USD/JPY: Bearish (since 16 Nov 17, 112.85): Expect a test of Oct’s 111.65 low.

The outlook for USD shifted to bearish last week when it broke clearly below the 112.95/00 support. The immediate target is for a test of Oct’s 111.65 low. A clear break below this level would shift the focus to 111.00.

Source: efxnews.com

EUR/USD: Neutral (since 15 Nov 17, 1.1795): In a 1.1655/1.1860 range.

Despite the strong rebound in EUR last week, the price action is deemed as part of a neutral consolidation phase and not the start of a bullish phase. In other words, EUR is expected to trade sideways, likely within a broad 1.1655/1.1860 range.

GBP/USD: Neutral (since 13 Nov 17, 1.3190): In a 1.3065/1.3320 range.

The outlook for GBP has shifted to neutral last week and the consolidation phase appears incomplete. Indicators are mostly ‘flat’ which suggest further range trading, likely within a 1.3065/1.3320 range.

AUD/USD: Bearish (since 16 Nov 17, 0.7590): Over-extended but room for further weakness to 0.7475/80.

The outlook for AUD shifted to bearish last week when it broke clearly below the major 0.7600 support. The sharp and rapid decline appears to be over-extended but there is room for further weakness towards 0.7475/80. This level is the rising trend-line support on the weekly chart (connecting the 0.6827 low in Jan 16 and 0.7163 low in Dec16) and is expected to offer solid support. On the upside, only a move back above 0.7640 would indicate that the current bearish phase has ended.

NZD/USD: Bearish (since 15 Nov 17, 0.6875): Oversold but room for extension to 0.6750.

The outlook for NZD shifted to bearish last week. The rapid decline came as a surprise as NZD hit a fresh year-to-date low of 0.6781 last Friday. While oversold, there is room for extension lower towards 0.6750. Only a move back above 0.6885 would indicate that a shortterm low is in place.

USD/JPY: Bearish (since 16 Nov 17, 112.85): Expect a test of Oct’s 111.65 low.

The outlook for USD shifted to bearish last week when it broke clearly below the 112.95/00 support. The immediate target is for a test of Oct’s 111.65 low. A clear break below this level would shift the focus to 111.00.

Source: efxnews.com

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