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FOREX Tech Targets

EUR/USD: Bullish (since 28 Aug 17, 1.1945): Still bullish but diminished odds for further gains.

EUR took out the 1.2000 level in a hurry yesterday and even easily exceeded the next resistance at 1.2040 (overnight high of 1.2069). While the bullish phase that started two days ago is still intact, the weak daily closing yesterday suggests diminished odds for further EUR strength. However, confirmation of a short-term top is only upon a move back below 1.1900. Until then, another push higher to 1.2120 is not ruled out (even though 1.2070 is expected to offer stiff resistance from here). Positioning wise, the suggested entry level at 1.1910/15 was not reached and it looks like we have missed the ideal buying opportunity. 

GBP/USD: Neutral (since 28 Aug 17, 1.2905): Strong rebound has scope to extend higher to 1.3020. No change in view, see update from yesterday below. We continue to hold the view that GBP has moved into a neutral phase. The strong rebound off the strong 1.2775 support last week has scope to extend higher to 1.3020. At this stage, a sustained move above this level is not expected. On the downside, only a move back below 1.2840 (key short-term support moved higher from 1.2810) would indicate that the immediate upward pressure has eased.

AUD/USD: Neutral (since 17 Aug 17, 0.7925): In a 0.7865/0.7990 range.

AUD clearly moved above the 0.7960 resistance yesterday to hit a high of 0.7983 before easing off. The risk of break below the rising trend-line support as highlighted in recent updates has diminished. Indicators are mostly ‘neutral’ now and AUD is expected to trade sideways from here, likely within a 0.7865/0.7990 range. Looking further ahead, a clear break 0.7990 would indicate that a move to retest the year’s high near 0.8065 has started. On the downside, the key support is still at 0.7865 but as mentioned above, the odds for a break of this level have diminished. 

NZD/USD: Shift from bearish to NEUTRAL: In a 0.7200/0.7330 range.  

Our recent bearish expectation was proven wrong quickly as NZD took out the stop-loss at 0.7275 yesterday (high has been 0.7298). Despite overall bearish indications, NZD was unable to make much headway on the downside. The outlook for NZD is deemed as neutral from here and this pair is expected to trade sideways between 0.7200 and 0.7330. Looking further ahead, we still favor a lower NZD but this pair has to move clearly below the strong 0.7200 support to indicate the start of a sustained down-move. Positioning wise, those who sold at 0.7235 would have taken a loss of -0.55%. 

USD/JPY: Neutral (since 15 Aug 17, 110.10):  USD to stay supported as long as above 108.80.

The call to wait for a daily closing below 108.55 before shifting to a bearish stance was appropriate as USD surged after touching a low of 108.25 (holding above the year-to-date low near 108.10). The recent downward pressure has clearly eased and the immediate bias is tilted to the upside towards the 110.90/95 high seen two weeks ago. At this stage, a sustained move above this level is not expected. While the prospect for such a move are not high for now, it would continue to improve as long as the short-term key support at 108.80 is not taken out in the coming days. 

Source: efxnews.com

EUR/USD: Bullish (since 28 Aug 17, 1.1945): Still bullish but diminished odds for further gains.

EUR took out the 1.2000 level in a hurry yesterday and even easily exceeded the next resistance at 1.2040 (overnight high of 1.2069). While the bullish phase that started two days ago is still intact, the weak daily closing yesterday suggests diminished odds for further EUR strength. However, confirmation of a short-term top is only upon a move back below 1.1900. Until then, another push higher to 1.2120 is not ruled out (even though 1.2070 is expected to offer stiff resistance from here). Positioning wise, the suggested entry level at 1.1910/15 was not reached and it looks like we have missed the ideal buying opportunity. 

GBP/USD: Neutral (since 28 Aug 17, 1.2905): Strong rebound has scope to extend higher to 1.3020. No change in view, see update from yesterday below. We continue to hold the view that GBP has moved into a neutral phase. The strong rebound off the strong 1.2775 support last week has scope to extend higher to 1.3020. At this stage, a sustained move above this level is not expected. On the downside, only a move back below 1.2840 (key short-term support moved higher from 1.2810) would indicate that the immediate upward pressure has eased.

AUD/USD: Neutral (since 17 Aug 17, 0.7925): In a 0.7865/0.7990 range.

AUD clearly moved above the 0.7960 resistance yesterday to hit a high of 0.7983 before easing off. The risk of break below the rising trend-line support as highlighted in recent updates has diminished. Indicators are mostly ‘neutral’ now and AUD is expected to trade sideways from here, likely within a 0.7865/0.7990 range. Looking further ahead, a clear break 0.7990 would indicate that a move to retest the year’s high near 0.8065 has started. On the downside, the key support is still at 0.7865 but as mentioned above, the odds for a break of this level have diminished. 

NZD/USD: Shift from bearish to NEUTRAL: In a 0.7200/0.7330 range.  

Our recent bearish expectation was proven wrong quickly as NZD took out the stop-loss at 0.7275 yesterday (high has been 0.7298). Despite overall bearish indications, NZD was unable to make much headway on the downside. The outlook for NZD is deemed as neutral from here and this pair is expected to trade sideways between 0.7200 and 0.7330. Looking further ahead, we still favor a lower NZD but this pair has to move clearly below the strong 0.7200 support to indicate the start of a sustained down-move. Positioning wise, those who sold at 0.7235 would have taken a loss of -0.55%. 

USD/JPY: Neutral (since 15 Aug 17, 110.10):  USD to stay supported as long as above 108.80.

The call to wait for a daily closing below 108.55 before shifting to a bearish stance was appropriate as USD surged after touching a low of 108.25 (holding above the year-to-date low near 108.10). The recent downward pressure has clearly eased and the immediate bias is tilted to the upside towards the 110.90/95 high seen two weeks ago. At this stage, a sustained move above this level is not expected. While the prospect for such a move are not high for now, it would continue to improve as long as the short-term key support at 108.80 is not taken out in the coming days. 

Source: efxnews.com

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