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Forex Tech Targets

Forex_Tech-targets_27-11-2017_FXPIG

EUR/USD: Neutral (since 15 Nov 17, 1.1795): Improved undertone but bullish only if clearly above 1.1900.

EUR regained some of the losses registered earlier this week but is still holding within our expected 1.1655/1.1860 sideway consolidation range. The undertone has improved considerably and a move above 1.1860 would not be surprising. However, only a clear break above 1.1900 (say a daily closing above this level) would indicate the start of a sustained up-move. The odds for such a move are not high at this stage but would continue to improve as long the short-term key support at 1.1730 is intact. On a shorter-term note, 1.1760 is already a relatively strong level.

GBP/USD: Neutral (since 13 Nov 17, 1.3190): Bullish if NY closing is above 1.3350.

While we highlighted the ‘improved undertone’ for GBP yesterday, the strong up-move that edged above the top of our expected 1.3100/1.3320 consolidation range came as a surprise (overnight high of 1.3329). From here, a NY closing above 1.3350 would indicate the start of a bullish phase (with a target of 1.3450 followed by 1.3500). The odds for such a move are not high at this stage but would improve further as long as key short-term support at 1.3260 is intact.

AUD/USD: Bearish (since 16 Nov 17, 0.7590): Diminished odds for further AUD weakness. There is not much to add to the update from yesterday (reproduced below). From here, it looks increasingly likely that AUD is on the verge of making a short-term low.

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:  Shift from bearish to NEUTRAL: In a 0.6810/0.6935 consolidation range.

The break of 0.6885 yesterday has shifted the recent bearish phase to neutral. NZD has likely made a short-term low at 0.6781 last week and the current movement is viewed as the early stages of a consolidation phase, likely between 0.6810 and 0.6935. That said, the immediate bias is for a move higher to test the top side of the expected consolidation range.

USD/JPY: Bearish (since 16 Nov 17, 112.85): Below 111.00 shift focus to 110.35.

We have been expecting USD to move lower and ‘test’ last month month’s low of 111.65 since early this week. However, the ease of which this strong support was breached came as a surprise. The next ‘target’ at 111.00 appears to be within reach and a clear break of this level would shift the focus to 110.35...On a shorter-term note, 111.90 is already a strong resistance.

Source: efxnews.com

EUR/USD: Neutral (since 15 Nov 17, 1.1795): Improved undertone but bullish only if clearly above 1.1900.

EUR regained some of the losses registered earlier this week but is still holding within our expected 1.1655/1.1860 sideway consolidation range. The undertone has improved considerably and a move above 1.1860 would not be surprising. However, only a clear break above 1.1900 (say a daily closing above this level) would indicate the start of a sustained up-move. The odds for such a move are not high at this stage but would continue to improve as long the short-term key support at 1.1730 is intact. On a shorter-term note, 1.1760 is already a relatively strong level.

GBP/USD: Neutral (since 13 Nov 17, 1.3190): Bullish if NY closing is above 1.3350.

While we highlighted the ‘improved undertone’ for GBP yesterday, the strong up-move that edged above the top of our expected 1.3100/1.3320 consolidation range came as a surprise (overnight high of 1.3329). From here, a NY closing above 1.3350 would indicate the start of a bullish phase (with a target of 1.3450 followed by 1.3500). The odds for such a move are not high at this stage but would improve further as long as key short-term support at 1.3260 is intact.

AUD/USD: Bearish (since 16 Nov 17, 0.7590): Diminished odds for further AUD weakness. There is not much to add to the update from yesterday (reproduced below). From here, it looks increasingly likely that AUD is on the verge of making a short-term low.

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:  Shift from bearish to NEUTRAL: In a 0.6810/0.6935 consolidation range.

The break of 0.6885 yesterday has shifted the recent bearish phase to neutral. NZD has likely made a short-term low at 0.6781 last week and the current movement is viewed as the early stages of a consolidation phase, likely between 0.6810 and 0.6935. That said, the immediate bias is for a move higher to test the top side of the expected consolidation range.

USD/JPY: Bearish (since 16 Nov 17, 112.85): Below 111.00 shift focus to 110.35.

We have been expecting USD to move lower and ‘test’ last month month’s low of 111.65 since early this week. However, the ease of which this strong support was breached came as a surprise. The next ‘target’ at 111.00 appears to be within reach and a clear break of this level would shift the focus to 110.35...On a shorter-term note, 111.90 is already a strong resistance.

Source: efxnews.com

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