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Forex Tech Targets

FOREX_TECH-TARGETS_DAILY-26-02-2018_FXPIG

EUR/USD:  Neutral (since 06 Feb 18, 1.2375): Outlook for EUR is negative, odds for further weakness to 1.2204 have increased.

EUR traded within a surprisingly narrow range of 1.2278/1.2337 last Friday; the 59 pips is the smallest 1-day range since late December. Nevertheless, we continue to hold a ‘negative’ view on EUR and see increasing odds for a deeper down-move towards the month-to-date low of 1.2204. This is a major level and is expected to offer solid support. Resistance is at 1.2360 but only a move above 1.2400 would indicate that the current mild downward pressure has eased.

GBP/USD: Neutral (since 30 Jan 18, 1.4075): Pressure shift to the downside, could lead to further weakness to 1.3764.

While we continue to see immediate downside risk, the quiet consolidation over the past couple of days has resulted in quick loss in downward pressure. GBP has to crack last week’s low near 1.3860 within these few days or downward pressure would continue to ease. In other words, we continue to hold a ‘negative’ view on GBP and expect a move lower towards 1.3764 but this has to happen relatively soon. On the upside, the key resistance remains at 1.4020; a break of this level would indicate that the current mild downward pressure has eased.

AUD/USD: Neutral (since 15 Feb 18, 0.7925): Weakened undertone could lead to a test of 0.7730.

AUD traded ‘quietly’ last Friday and closed largely unchanged. We continue to detect a weak undertone and this could lead to a move lower to test the solid support at 0.7730. On a shorter-term note, 0.7760 is already quite a strong level. Overall, we continue to expect AUD to stay under pressure unless it can reclaim 0.7910.

NZD/USD:  Neutral (since 05 Feb 18, 0.7280): Potential double-top forming.

We continue to hold the view that the recent price action is forming a potential ‘double-top’ (see update on 21 Feb, spot at 0.7340). NZD tested the strong 0.7270 support last Friday with a low of 0.7271. A clear break of this strong support would open up the way for a move towards the ‘neck-line’ at 0.7176. On the upside, only a move back above 0.7370 (key resistance previously at 0.7435) would indicate that the downward pressure has eased.

USD/JPY: Neutral (since 21 Feb 18, 107.35): USD has moved into a consolidation range. No change in view.Despite the sharp retreat in USD yesterday, it is too soon to expect a resumption of the recent bearish phase. We turned neutral on USD 2 days ago and there is no change to the view. We continue to expect USD to trade sideways for now, likely within a 105.80/108.30 range (instead of the 106.30/108.50 expected previously

Source: efxdata.com

EUR/USD:  Neutral (since 06 Feb 18, 1.2375): Outlook for EUR is negative, odds for further weakness to 1.2204 have increased.

EUR traded within a surprisingly narrow range of 1.2278/1.2337 last Friday; the 59 pips is the smallest 1-day range since late December. Nevertheless, we continue to hold a ‘negative’ view on EUR and see increasing odds for a deeper down-move towards the month-to-date low of 1.2204. This is a major level and is expected to offer solid support. Resistance is at 1.2360 but only a move above 1.2400 would indicate that the current mild downward pressure has eased.

GBP/USD: Neutral (since 30 Jan 18, 1.4075): Pressure shift to the downside, could lead to further weakness to 1.3764.

While we continue to see immediate downside risk, the quiet consolidation over the past couple of days has resulted in quick loss in downward pressure. GBP has to crack last week’s low near 1.3860 within these few days or downward pressure would continue to ease. In other words, we continue to hold a ‘negative’ view on GBP and expect a move lower towards 1.3764 but this has to happen relatively soon. On the upside, the key resistance remains at 1.4020; a break of this level would indicate that the current mild downward pressure has eased.

AUD/USD: Neutral (since 15 Feb 18, 0.7925): Weakened undertone could lead to a test of 0.7730.

AUD traded ‘quietly’ last Friday and closed largely unchanged. We continue to detect a weak undertone and this could lead to a move lower to test the solid support at 0.7730. On a shorter-term note, 0.7760 is already quite a strong level. Overall, we continue to expect AUD to stay under pressure unless it can reclaim 0.7910.

NZD/USD:  Neutral (since 05 Feb 18, 0.7280): Potential double-top forming.

We continue to hold the view that the recent price action is forming a potential ‘double-top’ (see update on 21 Feb, spot at 0.7340). NZD tested the strong 0.7270 support last Friday with a low of 0.7271. A clear break of this strong support would open up the way for a move towards the ‘neck-line’ at 0.7176. On the upside, only a move back above 0.7370 (key resistance previously at 0.7435) would indicate that the downward pressure has eased.

USD/JPY: Neutral (since 21 Feb 18, 107.35): USD has moved into a consolidation range. No change in view.Despite the sharp retreat in USD yesterday, it is too soon to expect a resumption of the recent bearish phase. We turned neutral on USD 2 days ago and there is no change to the view. We continue to expect USD to trade sideways for now, likely within a 105.80/108.30 range (instead of the 106.30/108.50 expected previously

Source: efxdata.com

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