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Forex Tech Targets

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EUR/USD: Neutral (since 14 Sep 17, 1.1890): EUR is expected to drift lower to 1.1665/70. 

No change in view.EUR has been trading within a 1.1730/1.1880 range for about 2 weeks now. Despite the consolidation, the undertone has weakened somewhat and the immediate pressure is on the downside. That said, downward momentum is patchy at best and any weakness is expected to be gradual and is likely limited to a test of the 1.1665/70 low seen earlier this month (minor support is at 1.1730). Overall, this pair is expected to stay under pressure unless it can reclaim the strong 1.1860 resistance (minor resistance is at 1.1820).

GBP/USD: Neutral (since 11 Oct 17, 1.3205): In a 1.3080/1.3280 range. No change in view.

GBP slipped to a low of 1.3087 last Friday but rebounded strongly and ended the day on a positive note. While the undertone has weakened somewhat, we continue to hold a neutral view for this pair. The current movement is viewed as part of a consolidation phase even though the immediate bias is for GBP to edge lower and test the bottom of the expected 1.3080/1.3280 consolidation range. At this stage, a sustained move below this level is not expected

AUD/USD: Neutral (since 13 Oct 17, 0.7825): AUD to drift lower towards 0.7735. 

No change in view.The sharp drop in AUD and the subsequent weak daily closing last Friday has shifted the immediate pressure towards the downside. However, downward momentum is not strong and AUD is expected to drift lower to test the low seen earlier this month at 0.7735. Overall, this pair is expected to stay under pressure in the coming days unless it can move and stay above 0.7890. On a shorter-term note, 0.7855 is already a strong level.

NZD/USD: Bearish (since 19 Oct 17, 0.7030): Over-extended but no sign of stabilization. 

No change in view. The sharp decline in NZD that started late last week took out several strong supports. While the down-move appears to be overextended, there is no sign of stabilization just yet. From here, barring a move back above 0.7040, further weakness towards 0.6860 would not be surprising. The next support below 0.6860 is at the year-to-date low near 0.6820.

USD/JPY: Bullish (since 19 Oct 17, 112.95): Diminished odds for further USD strength.

USD edged above 114.00 yesterday but the sharp decline from a high of 114.09 and the subsequent weak daily closing does not bode well for the current bullish view. From here, a dip below 112.90 is enough to indicate that the bullish phase has ended and the start of a consolidation phase (before further USD strength can be expected at a later stage). Until then, another push higher is not ruled out but USD has to surmount 113.80 within these 1 to 2 days or the odds would diminish quickly. 

Source: efxnews.com

EUR/USD: Neutral (since 14 Sep 17, 1.1890): EUR is expected to drift lower to 1.1665/70. 

No change in view.EUR has been trading within a 1.1730/1.1880 range for about 2 weeks now. Despite the consolidation, the undertone has weakened somewhat and the immediate pressure is on the downside. That said, downward momentum is patchy at best and any weakness is expected to be gradual and is likely limited to a test of the 1.1665/70 low seen earlier this month (minor support is at 1.1730). Overall, this pair is expected to stay under pressure unless it can reclaim the strong 1.1860 resistance (minor resistance is at 1.1820).

GBP/USD: Neutral (since 11 Oct 17, 1.3205): In a 1.3080/1.3280 range. No change in view.

GBP slipped to a low of 1.3087 last Friday but rebounded strongly and ended the day on a positive note. While the undertone has weakened somewhat, we continue to hold a neutral view for this pair. The current movement is viewed as part of a consolidation phase even though the immediate bias is for GBP to edge lower and test the bottom of the expected 1.3080/1.3280 consolidation range. At this stage, a sustained move below this level is not expected

AUD/USD: Neutral (since 13 Oct 17, 0.7825): AUD to drift lower towards 0.7735. 

No change in view.The sharp drop in AUD and the subsequent weak daily closing last Friday has shifted the immediate pressure towards the downside. However, downward momentum is not strong and AUD is expected to drift lower to test the low seen earlier this month at 0.7735. Overall, this pair is expected to stay under pressure in the coming days unless it can move and stay above 0.7890. On a shorter-term note, 0.7855 is already a strong level.

NZD/USD: Bearish (since 19 Oct 17, 0.7030): Over-extended but no sign of stabilization. 

No change in view. The sharp decline in NZD that started late last week took out several strong supports. While the down-move appears to be overextended, there is no sign of stabilization just yet. From here, barring a move back above 0.7040, further weakness towards 0.6860 would not be surprising. The next support below 0.6860 is at the year-to-date low near 0.6820.

USD/JPY: Bullish (since 19 Oct 17, 112.95): Diminished odds for further USD strength.

USD edged above 114.00 yesterday but the sharp decline from a high of 114.09 and the subsequent weak daily closing does not bode well for the current bullish view. From here, a dip below 112.90 is enough to indicate that the bullish phase has ended and the start of a consolidation phase (before further USD strength can be expected at a later stage). Until then, another push higher is not ruled out but USD has to surmount 113.80 within these 1 to 2 days or the odds would diminish quickly. 

Source: efxnews.com

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