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FOREX Tech Targets

Forex_tech_targets_23.11_FXPIG

EUR/USD: Neutral (since 15 Nov 17, 1.1795): In a 1.1655/1.1860 range. No change in view.

EUR surrendered some of the gains made last week but the decline clearly lacks momentum. We continue to view the current price action as part of a neutral consolidation phase. In other words, EUR is expected to trade sideways for now, likely within a broad 1.1655/1.1860 range.

GBP/USD: Neutral (since 13 Nov 17, 1.3190): Still neutral but in a narrower 1.3100/1.3320 range.

There is not much to add as GBP registered an ‘inside day’ yesterday and traded within a relatively narrow range of 1.3211/1.3267. That said, the undertone has improved somewhat but at this stage, it is premature to expect a clear break above the top of the expected 1.3065/1.3320 range. In view of the improved undertone, we are narrowing the expected consolidation range to 1.3100/1.3320.

AUD/USD: Bearish (since 16 Nov 17, 0.7590): Diminished odds for further AUD weakness. 

AUD touched a ‘fresh low’ of 0.7532 yesterday before rebounding strongly and in the process, registered an outside day. We have highlighted in recent updates that despite the ‘over-extended’ decline, there is room for further weakness towards the rising weekly trendline support at 0.7475/80. The strong bounce yesterday has clearly diminished the odds for further AUD weakness even though only a break of 0.7640 would indicate that the current bearish phase has ended. In the meanwhile, another leg lower towards 0.7475/80 is not ruled out but AUD has to move and stay below 0.7530 within this 1-2 days or downward momentum would wane quickly. 

NZD/USD: Bearish (since 15 Nov 17, 0.6875): Oversold but room for extension to 0.6750. No change in view.

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.

There is not much to add as we continue to expect USD to move lower and ‘test’ last month’s low of 111.65. This level is acting as a rather strong support and a sustained move below this level seems unlikely for now. Resistance is at 112.70 but only a break above the ‘stop-loss’ at 113.00 would indicate that the current bearish phase has ended.

Source: efxnews.com

EUR/USD: Neutral (since 15 Nov 17, 1.1795): In a 1.1655/1.1860 range. No change in view.

EUR surrendered some of the gains made last week but the decline clearly lacks momentum. We continue to view the current price action as part of a neutral consolidation phase. In other words, EUR is expected to trade sideways for now, likely within a broad 1.1655/1.1860 range.

GBP/USD: Neutral (since 13 Nov 17, 1.3190): Still neutral but in a narrower 1.3100/1.3320 range.

There is not much to add as GBP registered an ‘inside day’ yesterday and traded within a relatively narrow range of 1.3211/1.3267. That said, the undertone has improved somewhat but at this stage, it is premature to expect a clear break above the top of the expected 1.3065/1.3320 range. In view of the improved undertone, we are narrowing the expected consolidation range to 1.3100/1.3320.

AUD/USD: Bearish (since 16 Nov 17, 0.7590): Diminished odds for further AUD weakness. 

AUD touched a ‘fresh low’ of 0.7532 yesterday before rebounding strongly and in the process, registered an outside day. We have highlighted in recent updates that despite the ‘over-extended’ decline, there is room for further weakness towards the rising weekly trendline support at 0.7475/80. The strong bounce yesterday has clearly diminished the odds for further AUD weakness even though only a break of 0.7640 would indicate that the current bearish phase has ended. In the meanwhile, another leg lower towards 0.7475/80 is not ruled out but AUD has to move and stay below 0.7530 within this 1-2 days or downward momentum would wane quickly. 

NZD/USD: Bearish (since 15 Nov 17, 0.6875): Oversold but room for extension to 0.6750. No change in view.

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.

There is not much to add as we continue to expect USD to move lower and ‘test’ last month’s low of 111.65. This level is acting as a rather strong support and a sustained move below this level seems unlikely for now. Resistance is at 112.70 but only a break above the ‘stop-loss’ at 113.00 would indicate that the current bearish phase has ended.

Source: efxnews.com

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