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FOREX Tech Targets

EUR/USD: Neutral (since 14 Sep 17, 1.1890):  Pull-back has scope to extend further to 1.1660.

After 3 consecutive days of losses, EUR rebounded to close higher yesterday. Despite the recovery, the undertone is still weak and as highlighted in the recent updates, only a move back above 1.1850 would indicate that the current weakness has stabilized. Until then, there is still scope for a move lower towards 1.1660 (even though a sustained move below this level is not expected).

GBP/USD: Neutral (since 26 Sep 17, 1.3475): Pull-back has room to extend lower to 1.3265/70. No change in view, see update from yesterday below. 

When we shifted from a bullish to neutral stance on Tuesday (26 Sep) we were of the view that GBP has moved into a consolidation phase. The drop below the expected 1.3370/1.3600 consolidation range (low of 1.3364 yesterday) suggests that the current pull-back has room to extend lower towards the major support at 1.3265/70. At this stage, the odds for a sustained move below this level are not yet. Overall, GBP is expected to stay on the defensive in the coming days unless it can reclaim 1.3485.

AUD/USD: Bearish (since 22 Sep 17, 0.7930): Further weakness to 0.7740 not ruled out but odds not high now.

In the update yesterday (28 Sep), we suggested those who are short from 0.7930 last Friday  to exit half of their position at 0.7820. AUD dipped to a low of 0.7799 yesterday before rebounding quickly to close higher. While the bearish phase is still intact and further weakness to 0.7740 is not ruled out, the odds for such a move are not high. That said, only a move back above 0.7930 would indicate that AUD has made a short-term low. Positioning wise, those with remaining shorts should look to exit their position at 0.7740. NZD/USD: Neutral (since 06 Sep 17, 0.7255): Pull-back has room to extend to 0.7135.

NZD dipped to a low of 0.7167 yesterday before rebounding. Despite the recovery, the undertone is still weak and there is still room for a deeper pull-back towards 0.7135. That said, this has to happen soon as the current mild downward pressure would diminish quickly if there is a prolong consolidation at these levels. A move back above 0.7280 would also indicate that the current mild downward pressure has eased. 

USD/JPY: Bullish (since 28 Sep 17, 112.80): Target 113.80.

We just turned bullish USD yesterday (28 Sep) and there is no change to the view. Positioning wise, the suggested entry level of 112.35/40 was met as USD dipped to an overnight low of 112.19.  The target and stop-loss levels remain unchanged at 113.80 and 111.90 respectively.

Source:efxnews.com

EUR/USD: Neutral (since 14 Sep 17, 1.1890):  Pull-back has scope to extend further to 1.1660.

After 3 consecutive days of losses, EUR rebounded to close higher yesterday. Despite the recovery, the undertone is still weak and as highlighted in the recent updates, only a move back above 1.1850 would indicate that the current weakness has stabilized. Until then, there is still scope for a move lower towards 1.1660 (even though a sustained move below this level is not expected).

GBP/USD: Neutral (since 26 Sep 17, 1.3475): Pull-back has room to extend lower to 1.3265/70. No change in view, see update from yesterday below. 

When we shifted from a bullish to neutral stance on Tuesday (26 Sep) we were of the view that GBP has moved into a consolidation phase. The drop below the expected 1.3370/1.3600 consolidation range (low of 1.3364 yesterday) suggests that the current pull-back has room to extend lower towards the major support at 1.3265/70. At this stage, the odds for a sustained move below this level are not yet. Overall, GBP is expected to stay on the defensive in the coming days unless it can reclaim 1.3485.

AUD/USD: Bearish (since 22 Sep 17, 0.7930): Further weakness to 0.7740 not ruled out but odds not high now.

In the update yesterday (28 Sep), we suggested those who are short from 0.7930 last Friday  to exit half of their position at 0.7820. AUD dipped to a low of 0.7799 yesterday before rebounding quickly to close higher. While the bearish phase is still intact and further weakness to 0.7740 is not ruled out, the odds for such a move are not high. That said, only a move back above 0.7930 would indicate that AUD has made a short-term low. Positioning wise, those with remaining shorts should look to exit their position at 0.7740. NZD/USD: Neutral (since 06 Sep 17, 0.7255): Pull-back has room to extend to 0.7135.

NZD dipped to a low of 0.7167 yesterday before rebounding. Despite the recovery, the undertone is still weak and there is still room for a deeper pull-back towards 0.7135. That said, this has to happen soon as the current mild downward pressure would diminish quickly if there is a prolong consolidation at these levels. A move back above 0.7280 would also indicate that the current mild downward pressure has eased. 

USD/JPY: Bullish (since 28 Sep 17, 112.80): Target 113.80.

We just turned bullish USD yesterday (28 Sep) and there is no change to the view. Positioning wise, the suggested entry level of 112.35/40 was met as USD dipped to an overnight low of 112.19.  The target and stop-loss levels remain unchanged at 113.80 and 111.90 respectively.

Source:efxnews.com

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