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Forex Tech Targets 23.01.2018

Forex-tech-targets_23-01-2018_FXPIG

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

After hitting a high of 1.2322 last Wednesday (17 Jan), EUR has not been able to make much headway on the upside. Momentum has deteriorated further and the consolidation over the past few days amidst overbought conditions has increased the risk of an interim top. In order to revive the current flagging momentum, EUR has to stage a clear push above 1.2322 soon or the risk of a top would increase further. 

GBP/USD: Bullish (since 15 Jan 18, 1.3735): Room for further GBP strength to 1.4100, 1.4180.

Despite being overbought, GBP continues to close higher and registered the 8th consecutive day of gains in NY yesterday. From here, a break above 1.4000 would not be surprising and the current strong upward momentum suggests that there is room for further GBP strength towards 1.4100 followed 1.4180. In view of the sharp plunge during Brexit in 2016, there are hardly any significant resistance levels on the weekly chart (note that the high on the day of Brexit is at 1.5022). All that said, GBP is currently at the most overbought condition since 2014 and the current torrid pace of rally is unlikely to be sustained in the weeks ahead. On the downside, support is at 1.3930 but only a break of 1.3850 would indicate that the current bullish phase has ended.

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Overbought, next ‘target’ of 0.8125 could be out of reach. No change in view,.While AUD hit a ‘fresh’ high of 0.8038 last Friday, the up-move was short-lived. Upward momentum is beginning to show signs of slowing and this coupled with 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 17, 0.7015): NZD could top ahead of 0.7365.

The bullish phase that started in mid-December (14 Dec, spot at 0.7012) appears to be struggling and the next ‘target’ at 0.7365 could be out of reach. In order to revive the current flagging momentum, NZD has to overcome 0.7365 within these few days or the risk of an interim top would increase quickly. In the event of a clear break of 0.7365, the focus would shift to 0.7435, the high back in September last year. 

USD/JPY: Neutral (since 18 Jan 18, 111.30): In a 110.20/112.20 range. No change in view.We shifted to a neutral USD stance last Thursday (18 Jan, spot at 111.30) and there is no change to the view. The current movement is viewed as part of a neutral consolidation/correction phase and USD is expected to trade sideways for now, 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.

After hitting a high of 1.2322 last Wednesday (17 Jan), EUR has not been able to make much headway on the upside. Momentum has deteriorated further and the consolidation over the past few days amidst overbought conditions has increased the risk of an interim top. In order to revive the current flagging momentum, EUR has to stage a clear push above 1.2322 soon or the risk of a top would increase further. 

GBP/USD: Bullish (since 15 Jan 18, 1.3735): Room for further GBP strength to 1.4100, 1.4180.

Despite being overbought, GBP continues to close higher and registered the 8th consecutive day of gains in NY yesterday. From here, a break above 1.4000 would not be surprising and the current strong upward momentum suggests that there is room for further GBP strength towards 1.4100 followed 1.4180. In view of the sharp plunge during Brexit in 2016, there are hardly any significant resistance levels on the weekly chart (note that the high on the day of Brexit is at 1.5022). All that said, GBP is currently at the most overbought condition since 2014 and the current torrid pace of rally is unlikely to be sustained in the weeks ahead. On the downside, support is at 1.3930 but only a break of 1.3850 would indicate that the current bullish phase has ended.

AUD/USD: Bullish (since 15 Dec 17, 0.7665): Overbought, next ‘target’ of 0.8125 could be out of reach. No change in view,.While AUD hit a ‘fresh’ high of 0.8038 last Friday, the up-move was short-lived. Upward momentum is beginning to show signs of slowing and this coupled with 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 17, 0.7015): NZD could top ahead of 0.7365.

The bullish phase that started in mid-December (14 Dec, spot at 0.7012) appears to be struggling and the next ‘target’ at 0.7365 could be out of reach. In order to revive the current flagging momentum, NZD has to overcome 0.7365 within these few days or the risk of an interim top would increase quickly. In the event of a clear break of 0.7365, the focus would shift to 0.7435, the high back in September last year. 

USD/JPY: Neutral (since 18 Jan 18, 111.30): In a 110.20/112.20 range. No change in view.We shifted to a neutral USD stance last Thursday (18 Jan, spot at 111.30) and there is no change to the view. The current movement is viewed as part of a neutral consolidation/correction phase and USD is expected to trade sideways for now, likely within a broad 110.20/112.20 range. 

Source:efxnews.com

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