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FOREX Tech Targets

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Failure to clear 1.1710 has increased risk of a short-term top.

We stated in recent updates that the level to focus on is at the Aug 2015 high of 1.1710. EUR tested this level yesterday with a high of 1.1711. The failure to clear this critical level amidst overall overbought conditions indicates an increased risk of a short top. However, only a break below 1.1590 (stop-loss adjusted higher from 1.1550) would indicate that the bullish phase that started late last week has ended. Overall, unless EUR can ‘punch’ above 1.1710 soon, the risk of a short-term top would increase quickly. 

GBP/USD: Neutral (since 21 Jul 17, 1.2965): Still neutral but in a higher 1.2920/1.3100 range.

We indicated yesterday that “an intraday move above 1.3060 is not ruled out but a sustained up-move is not expected”. In line with expectation, GBP edged above the previously expected 1.2870/1.3060 consolidation range but eased off quickly after touching a high of 1.3084. From here, the outlook for GBP is still neutral even though this pair is expected to trade sideways at a higher range of 1.2920/1.3100.

AUD/USD: Bullish (since 14 Jul 17, 0.7730): Diminished odds for further.

AUD As highlighted on Monday (24 Jul), while the bullish phase in AUD that started on 14 July is still intact, the odds for further AUD strength have diminished. Upward momentum has eased further with the consolidation over the past couple of days and from here, a move below 0.7880 is enough to indicate that a short-term top is in place. 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.

The suggested entry level of 0.7415 suggested in recent updates was reached as NZD dropped to a low of 0.7402 yesterday. NZD recovered quickly from the low to hit a high of 0.7450 but was unable to hold on to its gain. From here, as long as the stop-loss at 0.7375 is intact, another leg higher towards the bullish target of 0.7530 still seems likely but 0.7450/60 is expected to offer solid resistance in the next couple of days. 

USD/JPY: Shift from bearish to NEUTRAL:  In a 110.80/113.00 range.

When we shifted to a bearish stance on Monday (24 July), we were aware of the oversold conditions and highlighted that the downside potential could be limited to 110.20. However, the strong surge higher yesterday was clearly unexpected and the stop-loss for our bearish view at 112.00 was just breached at the time of writing (resulting in a 50 pips loss). A short-term low is likely in place and USD is deemed to have moved into a neutral 110.80/113.00 consolidation range.

Source:efxnews.com

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Failure to clear 1.1710 has increased risk of a short-term top.

We stated in recent updates that the level to focus on is at the Aug 2015 high of 1.1710. EUR tested this level yesterday with a high of 1.1711. The failure to clear this critical level amidst overall overbought conditions indicates an increased risk of a short top. However, only a break below 1.1590 (stop-loss adjusted higher from 1.1550) would indicate that the bullish phase that started late last week has ended. Overall, unless EUR can ‘punch’ above 1.1710 soon, the risk of a short-term top would increase quickly. 

GBP/USD: Neutral (since 21 Jul 17, 1.2965): Still neutral but in a higher 1.2920/1.3100 range.

We indicated yesterday that “an intraday move above 1.3060 is not ruled out but a sustained up-move is not expected”. In line with expectation, GBP edged above the previously expected 1.2870/1.3060 consolidation range but eased off quickly after touching a high of 1.3084. From here, the outlook for GBP is still neutral even though this pair is expected to trade sideways at a higher range of 1.2920/1.3100.

AUD/USD: Bullish (since 14 Jul 17, 0.7730): Diminished odds for further.

AUD As highlighted on Monday (24 Jul), while the bullish phase in AUD that started on 14 July is still intact, the odds for further AUD strength have diminished. Upward momentum has eased further with the consolidation over the past couple of days and from here, a move below 0.7880 is enough to indicate that a short-term top is in place. 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.

The suggested entry level of 0.7415 suggested in recent updates was reached as NZD dropped to a low of 0.7402 yesterday. NZD recovered quickly from the low to hit a high of 0.7450 but was unable to hold on to its gain. From here, as long as the stop-loss at 0.7375 is intact, another leg higher towards the bullish target of 0.7530 still seems likely but 0.7450/60 is expected to offer solid resistance in the next couple of days. 

USD/JPY: Shift from bearish to NEUTRAL:  In a 110.80/113.00 range.

When we shifted to a bearish stance on Monday (24 July), we were aware of the oversold conditions and highlighted that the downside potential could be limited to 110.20. However, the strong surge higher yesterday was clearly unexpected and the stop-loss for our bearish view at 112.00 was just breached at the time of writing (resulting in a 50 pips loss). A short-term low is likely in place and USD is deemed to have moved into a neutral 110.80/113.00 consolidation range.

Source:efxnews.com

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