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FOREX Tech Targets

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Still bullish, the next level to focus on is at 1.1800.

We warned of the increased risk of a short-term top yesterday unless “EUR can punch above 1.1710 soon”. Thanks to Fed, EUR surmounted this level easily and hit overnight high of 1.1739. The bullish phase that started late last week is still clearly intact and the next level to focus on is at 1.1800. Those who entered long at 1.1490 on 20 Jul should have exited half of their position at 1.1660 on 21 Jul.

GBP/USD: Neutral (since 21 Jul 17, 1.2965): Shift to bullish if NY closing above 1.3150.

GBP moved easily above our expected 1.2920/1.3100 consolidation range and tested last week’s top at 1.3126 (high has been 1.3125). Upward momentum has improved considerably but we prefer to wait for a NY closing above 1.3150 before shifting to a bullish stance. This scenario appears likely as long as GBP can hold above 1.3030 within these couple of days. A shift to a bullish phase would have an immediate target of 1.3250. 

AUD/USD: Shift from bullish to NEUTRAL: Bullish again if NY close above 0.8050.

The bullish phase that started about 2 weeks ago (has ended when the trailing stop-loss at 0.7880 was breached yesterday after the release of the weaker than expected Australian CPI data (low of 0.7877). The subsequent explosive rally from the low was expected. The immediate bias is on the upside but we prefer to wait for a NY closing above 0.8050 before shifting to a bullish stance again. This scenario appears likely as long as AUD can stay above 0.7940 within these few days. 

NZD/USD: Bullish (since 24 Jul 17, 0.7450): To exit half of long position at current level of 0.7525.

The bullish phase that started on Monday (see update on 24 Jul) is working out well as the overnight high of 0.7529 came within one pip of our immediate target of 0.7530. Those who entered long at the suggested buy level of 0.7415 should look to exit half of their position at the current level of 0.7525. The next level to focus on is at 0.7580. 

USD/JPY: Neutral (since 26 Jul 17, 111.90):  In a 110.80/113.00 range.

We just shifted from a bearish to neutral stance yesterday and there is no change to the view. However, the rapid drop overnight has shifted to the pressure to the downside again. That said, we continue to hold the view that the current movement is part of a broader 110.80/113.00 consolidation range. We would re-evaluate our stance if USD were to close below the 110.60 low seen on Monday (24 Jul).

Source: efxnews.com

EUR/USD: Bullish (since 19 Jul 17, 1.1550): Still bullish, the next level to focus on is at 1.1800.

We warned of the increased risk of a short-term top yesterday unless “EUR can punch above 1.1710 soon”. Thanks to Fed, EUR surmounted this level easily and hit overnight high of 1.1739. The bullish phase that started late last week is still clearly intact and the next level to focus on is at 1.1800. Those who entered long at 1.1490 on 20 Jul should have exited half of their position at 1.1660 on 21 Jul.

GBP/USD: Neutral (since 21 Jul 17, 1.2965): Shift to bullish if NY closing above 1.3150.

GBP moved easily above our expected 1.2920/1.3100 consolidation range and tested last week’s top at 1.3126 (high has been 1.3125). Upward momentum has improved considerably but we prefer to wait for a NY closing above 1.3150 before shifting to a bullish stance. This scenario appears likely as long as GBP can hold above 1.3030 within these couple of days. A shift to a bullish phase would have an immediate target of 1.3250. 

AUD/USD: Shift from bullish to NEUTRAL: Bullish again if NY close above 0.8050.

The bullish phase that started about 2 weeks ago (has ended when the trailing stop-loss at 0.7880 was breached yesterday after the release of the weaker than expected Australian CPI data (low of 0.7877). The subsequent explosive rally from the low was expected. The immediate bias is on the upside but we prefer to wait for a NY closing above 0.8050 before shifting to a bullish stance again. This scenario appears likely as long as AUD can stay above 0.7940 within these few days. 

NZD/USD: Bullish (since 24 Jul 17, 0.7450): To exit half of long position at current level of 0.7525.

The bullish phase that started on Monday (see update on 24 Jul) is working out well as the overnight high of 0.7529 came within one pip of our immediate target of 0.7530. Those who entered long at the suggested buy level of 0.7415 should look to exit half of their position at the current level of 0.7525. The next level to focus on is at 0.7580. 

USD/JPY: Neutral (since 26 Jul 17, 111.90):  In a 110.80/113.00 range.

We just shifted from a bearish to neutral stance yesterday and there is no change to the view. However, the rapid drop overnight has shifted to the pressure to the downside again. That said, we continue to hold the view that the current movement is part of a broader 110.80/113.00 consolidation range. We would re-evaluate our stance if USD were to close below the 110.60 low seen on Monday (24 Jul).

Source: efxnews.com

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