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FOREX Tech Targets

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Took half profit at 1.1660, focus on 1.1710 next.

EUR gave back most of last Friday’s gain and closed lower at 1.1638. The strong upward pressure that started post-ECB last Thursday has eased and the current price action is viewed as a short-term consolidation phase that could last for a few days. As long as the stoploss at 1.1550 is intact (level unchanged), another push higher is still expected after the current consolidation. The level to focus on is clearly at 1.1710, the high back in Aug 2015. A clear break of this level could lead to acceleration higher as there are hardly any significant resistances until 1.1800.

GBP/USD: Neutral (since 21 Jul 17, 1.2965): In a 1.2870/1.3060 range.

GBP touched a high of 1.3058 yesterday, just a couple of pips below the top end of our expected 1.2870/1.3060 consolidation range. While an intraday move above 1.3060 is not ruled out, a sustained up-move is not expected for now (next resistance at 1.3095 followed by the major level of 1.3125). In other words, the current movement is still viewed as a consolidation phase and this pair is expected to continue to trade sideways for now even though the immediate bias is tilted to the upside. 

AUD/USD; Bullish (since 14 Jul 17, 0.7730): Diminished odds for further AUD strength. There is no change in view (see update from yesterday below). 

While the weak daily closing last Friday clearly suggests that upward momentum is waning, it is too early to expect an end to the bullish phase that started on 14 July (spot at 0.7730). That said, the odds for further AUD strength have diminished but until the stop-loss at 0.7850 is taken out (level unchanged), another push higher towards 0.8000 is not ruled out just yet. We have suggested exiting half of long position previously at 0.7900 on 17 Jul, and those with remaining long should look to exit the rest of their position if there is a move to 0.8000.

NZD/USD: Bullish (since 24 Jul 17, 0.7450): Target a move to 0.7530.

We just shifted to a bullish stance yesterday and there is no change to the view. However, NZD has likely moved into a short-term consolidation phase which could last for a couple of days. As long as 0.7375 is intact, we continue to anticipate another push higher towards 0.7530 (strong resistance can be expected at the 2016 high of 0.7485). 

USD/JPY: Bearish (since 24 Jul 17, 111.15):  Oversold, downside extension could be limited to 110.20.

We just turned bearish USD yesterday and there is no change to the view. However, as indicated yesterday, oversold conditions suggest that any further down-move could be limited to the strong support at 110.20 (next support at 109.80).

Source: efxnews.com

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Took half profit at 1.1660, focus on 1.1710 next.

EUR gave back most of last Friday’s gain and closed lower at 1.1638. The strong upward pressure that started post-ECB last Thursday has eased and the current price action is viewed as a short-term consolidation phase that could last for a few days. As long as the stoploss at 1.1550 is intact (level unchanged), another push higher is still expected after the current consolidation. The level to focus on is clearly at 1.1710, the high back in Aug 2015. A clear break of this level could lead to acceleration higher as there are hardly any significant resistances until 1.1800.

GBP/USD: Neutral (since 21 Jul 17, 1.2965): In a 1.2870/1.3060 range.

GBP touched a high of 1.3058 yesterday, just a couple of pips below the top end of our expected 1.2870/1.3060 consolidation range. While an intraday move above 1.3060 is not ruled out, a sustained up-move is not expected for now (next resistance at 1.3095 followed by the major level of 1.3125). In other words, the current movement is still viewed as a consolidation phase and this pair is expected to continue to trade sideways for now even though the immediate bias is tilted to the upside. 

AUD/USD; Bullish (since 14 Jul 17, 0.7730): Diminished odds for further AUD strength. There is no change in view (see update from yesterday below). 

While the weak daily closing last Friday clearly suggests that upward momentum is waning, it is too early to expect an end to the bullish phase that started on 14 July (spot at 0.7730). That said, the odds for further AUD strength have diminished but until the stop-loss at 0.7850 is taken out (level unchanged), another push higher towards 0.8000 is not ruled out just yet. We have suggested exiting half of long position previously at 0.7900 on 17 Jul, and those with remaining long should look to exit the rest of their position if there is a move to 0.8000.

NZD/USD: Bullish (since 24 Jul 17, 0.7450): Target a move to 0.7530.

We just shifted to a bullish stance yesterday and there is no change to the view. However, NZD has likely moved into a short-term consolidation phase which could last for a couple of days. As long as 0.7375 is intact, we continue to anticipate another push higher towards 0.7530 (strong resistance can be expected at the 2016 high of 0.7485). 

USD/JPY: Bearish (since 24 Jul 17, 111.15):  Oversold, downside extension could be limited to 110.20.

We just turned bearish USD yesterday and there is no change to the view. However, as indicated yesterday, oversold conditions suggest that any further down-move could be limited to the strong support at 110.20 (next support at 109.80).

Source: efxnews.com

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