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FOREX Tech Targets

FOREX_Technical-analysis_daily-29-03-2018_FXPIG

EUR/USD: Neutral (since 05 Mar 18, 1.2335): Further erratic price action is likely.

The sharp decline in EUR yesterday after the strong advance that hit a high of 1.2476 earlier this week came as a surprise. The rapid swings have resulted in a mixed outlook. Indicators are mostly ‘flat’ and the neutral phase that started early this month is still in place. From here, we expect further erratic price action, likely within a broad 1.2235/1.2475 range. Last week’s low near 1.2235 is a rather critical support as a break would increase the odds for a move below the 1.2153 low seen earlier this month.

GBP/USD: Neutral (since 07 Mar 18, 1.3895): GBP to consolidate first before attempting to move towards 1.4280. No change in view.GBP peeked above Monday’s 1.4242 top to touch 1.4244 yesterday before staging an impulsive decline that sliced through strong support levels with ease. The down-move was equally short-lived as GBP rebounded strongly from a low of 1.4066. Despite the volatile price action, we still detect a positive undertone even though after the move yesterday, GBP could consolidate for a few days first before attempting to move towards the February’s peak near 1.4280. However, the odds for further strength to the year’s high at 1.4346 have decreased considerably.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): AUD has moved into a consolidation phase. No change in view.While the neutral phase that started last Thursday (22 Mar, 0.7770) is still intact, the price action in AUD since then has been rather choppy. For now, we continue to hold a neutral view for this pair but downward pressure has picked up after the weak daily close in NY yesterday. A dip below the expected 0.7650/0.7820 consolidation range is not ruled out but at this stage, the prospect for a sustained decline towards the major 0.7600 support is rather low. In other words, we still expect AUD to consolidate even though the bias is tilted to the downside.

NZD/USD: Neutral (since 05 Feb 18, 0.7280): NZD has moved back into a consolidation mode.

NZD took out the key 0.7235 support yesterday and the recent mild upward pressure has eased. While the immediate bias is tilted to the downside, any weakness is viewed as part of a 0.7150/0.7305 range and not the start of a sustained decline. In other words, the neutral phase that started early last month is still intact. While such a prolonged consolidation is not uncommon, there is no early indication that NZD is about to embark on sustained directional move anytime soon. Looking further ahead, 0.7150 is a rather key support and a break of this level would be a good indication that NZD is ready to move lower on a sustained basis.

USD/JPY: Still neutral; strong rebound has room to extend to 107.90.

The 104.55 low seen on Monday is likely a short-term low but instead of consolidating between 104.80/106.65 (as expected previously), USD appears to have room to extend its rebound towards 107.90. At this stage, we do not anticipate a sustained move above this level. On the downside, only a move back below 105.70 would indicate that the current upward pressure has eased.

Source:fxstreet.com

EUR/USD: Neutral (since 05 Mar 18, 1.2335): Further erratic price action is likely.

The sharp decline in EUR yesterday after the strong advance that hit a high of 1.2476 earlier this week came as a surprise. The rapid swings have resulted in a mixed outlook. Indicators are mostly ‘flat’ and the neutral phase that started early this month is still in place. From here, we expect further erratic price action, likely within a broad 1.2235/1.2475 range. Last week’s low near 1.2235 is a rather critical support as a break would increase the odds for a move below the 1.2153 low seen earlier this month.

GBP/USD: Neutral (since 07 Mar 18, 1.3895): GBP to consolidate first before attempting to move towards 1.4280. No change in view.GBP peeked above Monday’s 1.4242 top to touch 1.4244 yesterday before staging an impulsive decline that sliced through strong support levels with ease. The down-move was equally short-lived as GBP rebounded strongly from a low of 1.4066. Despite the volatile price action, we still detect a positive undertone even though after the move yesterday, GBP could consolidate for a few days first before attempting to move towards the February’s peak near 1.4280. However, the odds for further strength to the year’s high at 1.4346 have decreased considerably.

AUD/USD: Neutral (since 22 Mar 18, 0.7770): AUD has moved into a consolidation phase. No change in view.While the neutral phase that started last Thursday (22 Mar, 0.7770) is still intact, the price action in AUD since then has been rather choppy. For now, we continue to hold a neutral view for this pair but downward pressure has picked up after the weak daily close in NY yesterday. A dip below the expected 0.7650/0.7820 consolidation range is not ruled out but at this stage, the prospect for a sustained decline towards the major 0.7600 support is rather low. In other words, we still expect AUD to consolidate even though the bias is tilted to the downside.

NZD/USD: Neutral (since 05 Feb 18, 0.7280): NZD has moved back into a consolidation mode.

NZD took out the key 0.7235 support yesterday and the recent mild upward pressure has eased. While the immediate bias is tilted to the downside, any weakness is viewed as part of a 0.7150/0.7305 range and not the start of a sustained decline. In other words, the neutral phase that started early last month is still intact. While such a prolonged consolidation is not uncommon, there is no early indication that NZD is about to embark on sustained directional move anytime soon. Looking further ahead, 0.7150 is a rather key support and a break of this level would be a good indication that NZD is ready to move lower on a sustained basis.

USD/JPY: Still neutral; strong rebound has room to extend to 107.90.

The 104.55 low seen on Monday is likely a short-term low but instead of consolidating between 104.80/106.65 (as expected previously), USD appears to have room to extend its rebound towards 107.90. At this stage, we do not anticipate a sustained move above this level. On the downside, only a move back below 105.70 would indicate that the current upward pressure has eased.

Source:fxstreet.com

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