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FOREX Tech Targets

FOREX_technical-analysis_daily-tech-targets_26-04-2018_FXPIG

EUR/USD: Neutral (since 05 Mar 18, 1.2335): A clear break of 1.2153 would suggest a much deeper down-move in EUR.

Our ‘focus level’ of 1.2153 that was indicated on Tuesday (24 Apr, 1.2205) was almost touched as EUR dropped to an overnight low of 1.2158. As noted, a clear break of 1.2153 would suggest that EUR is ready for a much deeper down-move in the weeks ahead (the next support below 1.2153 is at 1.2090). The prospect for a break of 1.2153 has improved but in view of the oversold shorter-term condition, EUR has to continue to extend lower or it would lose it momentum quickly. On the upside, a break of the ‘key resistance’ at 1.2270 (level previously at 1.2300) would indicate that a short-term low is in place.

GBP/USD: Neutral (since 07 Mar 18, 1.3895): Still chance for a test of 1.3900.

GBP traded in a reatively quiet manner for the past couple of days and downward momentum is showing signs of tiring. That said, we continue to see chance for a test of 1.3900 but the odds for a sustained move below this level are not high. On the upside, only a break of 1.4040 (‘key resistance’ unchanged) would indicate that the current weakness has stabilized.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): Further weakness not ruled out but 0.7500 is likely out of reach.

We noted yesterday that “there is no sign of stabilization just yet” and “we have to contend with further weakness to 0.7550”. AUD subsequently hit a low of 0.7553 before staging a mild recovery. While further weakness is not ruled out, the combination of oversold conditions and waning momentum suggest that the odds for a sustained move below 0.7550 are not high. The next support below 0.7550 is at 0.7500, the low in December last year. At this stage, it appears that AUD would likely make a short-term low ahead of this major support. To put it another way, 0.7500 is likely out of reach this time round. Resistance is at 0.7605 but only a break of 0.7650 (‘key resistance’ previously at 0.7690) would indicate that a short-term low is in place.

NZD/USD: Neutral (since 05 Feb 18, 0.7280): Further weakness to 0.7035 would not be surprising.

NZD continues to ‘melt’ and our expectation for 0.7070 to temporarily check the drop in NZD was incorrect (low of 0.7058). Despite being severely oversold, there is still no sign of stabilization yet and further NZD weakness to 0.7035 would not be surprising. However, the next support at 0.7000 could be out of reach. On the upside, resistance is at 0.7110 but only a break of 0.7145 (‘key resistance’ previously at 0.7190) would indicate that the current weakness has stabilized.

USD/JPY:  Neutral (since 21 Feb 18, 107.35): Focus is at 110.00 now.

The 109.30 ‘target’ that was first highlighted on Tuesday (24 Apr, 108.70) was exceeded as USD hit a high of 109.45 during NY hours. As indicated previously, a break of 109.30 would suggest that USD is ready for a move to 110.00. We attach high importance to 110.00 as a clear break of this level would indicate that USD has likely made a significant low at 104.55 last month. In the meanwhile, we continue to expect USD to stay supported and only a break of 108.45 (‘key support’ previously at 108.15) would indicate that a top is in place.

Source:efxdata.com

EUR/USD: Neutral (since 05 Mar 18, 1.2335): A clear break of 1.2153 would suggest a much deeper down-move in EUR.

Our ‘focus level’ of 1.2153 that was indicated on Tuesday (24 Apr, 1.2205) was almost touched as EUR dropped to an overnight low of 1.2158. As noted, a clear break of 1.2153 would suggest that EUR is ready for a much deeper down-move in the weeks ahead (the next support below 1.2153 is at 1.2090). The prospect for a break of 1.2153 has improved but in view of the oversold shorter-term condition, EUR has to continue to extend lower or it would lose it momentum quickly. On the upside, a break of the ‘key resistance’ at 1.2270 (level previously at 1.2300) would indicate that a short-term low is in place.

GBP/USD: Neutral (since 07 Mar 18, 1.3895): Still chance for a test of 1.3900.

GBP traded in a reatively quiet manner for the past couple of days and downward momentum is showing signs of tiring. That said, we continue to see chance for a test of 1.3900 but the odds for a sustained move below this level are not high. On the upside, only a break of 1.4040 (‘key resistance’ unchanged) would indicate that the current weakness has stabilized.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): Further weakness not ruled out but 0.7500 is likely out of reach.

We noted yesterday that “there is no sign of stabilization just yet” and “we have to contend with further weakness to 0.7550”. AUD subsequently hit a low of 0.7553 before staging a mild recovery. While further weakness is not ruled out, the combination of oversold conditions and waning momentum suggest that the odds for a sustained move below 0.7550 are not high. The next support below 0.7550 is at 0.7500, the low in December last year. At this stage, it appears that AUD would likely make a short-term low ahead of this major support. To put it another way, 0.7500 is likely out of reach this time round. Resistance is at 0.7605 but only a break of 0.7650 (‘key resistance’ previously at 0.7690) would indicate that a short-term low is in place.

NZD/USD: Neutral (since 05 Feb 18, 0.7280): Further weakness to 0.7035 would not be surprising.

NZD continues to ‘melt’ and our expectation for 0.7070 to temporarily check the drop in NZD was incorrect (low of 0.7058). Despite being severely oversold, there is still no sign of stabilization yet and further NZD weakness to 0.7035 would not be surprising. However, the next support at 0.7000 could be out of reach. On the upside, resistance is at 0.7110 but only a break of 0.7145 (‘key resistance’ previously at 0.7190) would indicate that the current weakness has stabilized.

USD/JPY:  Neutral (since 21 Feb 18, 107.35): Focus is at 110.00 now.

The 109.30 ‘target’ that was first highlighted on Tuesday (24 Apr, 108.70) was exceeded as USD hit a high of 109.45 during NY hours. As indicated previously, a break of 109.30 would suggest that USD is ready for a move to 110.00. We attach high importance to 110.00 as a clear break of this level would indicate that USD has likely made a significant low at 104.55 last month. In the meanwhile, we continue to expect USD to stay supported and only a break of 108.45 (‘key support’ previously at 108.15) would indicate that a top is in place.

Source:efxdata.com

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