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Forex Tech Targets

EUR/USD: Exited rest of long position at 1.1800. 

Despite our reservation about the overbought conditions, the ongoing mess in White House gave EUR a fillip and sent it soaring above the strong 1.1800 resistance (overnight high of 1.1845).  While still clearly overbought, the strong daily closing yesterday could lead to further gains towards 1.1875 in the coming days (1.1875 is the low in June 2010, visible on the weekly chart). Above this level, the focus would shift to the ‘round number’ level of 1.2000. Positioning wise, we have suggested 1.1490 as an entry level  and 1.1660 as an exit level for half of long position. The exit level for remaining long at 1.1800 was triggered yesterday resulted in a gain of +2.09% in about two weeks.  

GBP/USD: Shift from neutral to BULLISH: Immediate target of 1.3270.

GBP closed at 1.3215 in NY, well above the key 1.3150 level indicated in recent updates. The strong close has shifted the outlook for this pair to bullish. The immediate target is at 1.3270 followed by 1.3340. 

AUD/USD: Neutral (since 27 Jul 17, 0.7995): Bullish again if NY closing is above 0.8050.

While the undertone for AUD has improved with the strong closing yesterday, it is not enough to shift the current neutral outlook to bullish. Only a NY closing above 0.8050 would indicate that AUD has moved back into a bullish phase gain. The odds for such a move are not high at this stage but would improve quickly over the next few days if AUD can hold above the key 0.7960 support.  

NZD/USD: Bullish (since 24 Jul 17, 0.7450): Diminished odds for further NZD strength.

There is not much to add as NZD appears to be struggling to maintain its bullish momentum despite USD weakness elsewhere. The odds for further NZD strength are not high and those with remaining long should continue to look to exit the rest of their position if there is a move to 0.7580 within these few days. 

USD/JPY: Bearish (since 110.60):  Immediate target of 109.50.

We just turned bearish USD yesterday and there is no change to the view. The entry level suggested at 110.85 was not reached as USD only touched a high of 110.77. Those still looking to enter short may like to wait for a bounce to 110.55/60. 

Source: efxnews.com

EUR/USD: Exited rest of long position at 1.1800. 

Despite our reservation about the overbought conditions, the ongoing mess in White House gave EUR a fillip and sent it soaring above the strong 1.1800 resistance (overnight high of 1.1845).  While still clearly overbought, the strong daily closing yesterday could lead to further gains towards 1.1875 in the coming days (1.1875 is the low in June 2010, visible on the weekly chart). Above this level, the focus would shift to the ‘round number’ level of 1.2000. Positioning wise, we have suggested 1.1490 as an entry level  and 1.1660 as an exit level for half of long position. The exit level for remaining long at 1.1800 was triggered yesterday resulted in a gain of +2.09% in about two weeks.  

GBP/USD: Shift from neutral to BULLISH: Immediate target of 1.3270.

GBP closed at 1.3215 in NY, well above the key 1.3150 level indicated in recent updates. The strong close has shifted the outlook for this pair to bullish. The immediate target is at 1.3270 followed by 1.3340. 

AUD/USD: Neutral (since 27 Jul 17, 0.7995): Bullish again if NY closing is above 0.8050.

While the undertone for AUD has improved with the strong closing yesterday, it is not enough to shift the current neutral outlook to bullish. Only a NY closing above 0.8050 would indicate that AUD has moved back into a bullish phase gain. The odds for such a move are not high at this stage but would improve quickly over the next few days if AUD can hold above the key 0.7960 support.  

NZD/USD: Bullish (since 24 Jul 17, 0.7450): Diminished odds for further NZD strength.

There is not much to add as NZD appears to be struggling to maintain its bullish momentum despite USD weakness elsewhere. The odds for further NZD strength are not high and those with remaining long should continue to look to exit the rest of their position if there is a move to 0.7580 within these few days. 

USD/JPY: Bearish (since 110.60):  Immediate target of 109.50.

We just turned bearish USD yesterday and there is no change to the view. The entry level suggested at 110.85 was not reached as USD only touched a high of 110.77. Those still looking to enter short may like to wait for a bounce to 110.55/60. 

Source: efxnews.com

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