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FOREX Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD

EUR/USD: Neutral (since 29 May 17, 1.1180): Immediate downward pressure towards 1.1105/10. After trading between 1.1200 and 1.1300 for more than a week, EUR cracked the 1.1200 support to hit an overnight low of 1.1193. While the outlook for the next 1 to 3 weeks is still deemed as neutral, the undertone has weakened considerably and the risk has shifted to the downside. From here, EUR is expected to stay under pressure and this could lead to a move lower to test the major 1.1105/10 support (low in late May which coincides with rising trend-line). At this stage, the odds for a sustained move below this level is not high but a clear break below this level would indicate that EUR has moved into a bearish phase (with an immediate target of 1.1000). All in, this pair is expected to stay under pressure in the coming days unless it can reclaim 1.1265/70. On a shorter-term note, 1.1235 is already a strong resistance.

GBP/USD: Neutral (since 01 Jun 17, 1.2875): Stabilization only if above 1.2900.

Despite the strong rebound from a low of 1.2636, the undertone for GBP is still weak. That said, 1.2636 is acting as a solid support now and GBP could stay above this level for the next several days. A clear break of this level would shift the focus to 1.2560. Overall, only a move back above 1.2900 would indicate that the current weakness has stabilized. 

AUD/USD: Bullish (since 07 Jun 17, 0.7515): Immediate target of 0.7575, followed by 0.7615.

While the quiet consolidation in the past couple of days has dented the upward momentum somewhat, the bullish phase that started on 07 Jun is still intact. The immediate target remains unchanged at 0.7575 (followed by 0.7615).

NZD/USD: Bullish (since 23 May 17, 0.7000): Still bullish but odds for extension to 0.7245 are not high [No change in view]

NZD touched a fresh high of 0.7223 yesterday but the up-move is not accompanied by strong momentum. While the bullish phase that started more than 2 weeks ago is still intact, we continue to apportion low odds for extension to the next resistance at 0.7245. That said, confirmation of a short-term top is only upon a break below 0.7170.

USD/JPY: Shift from bearish to neutral: In a 109.30/111.00 range.

Our recent bearish expectation for a lower USD  was proven wrong when the stop-loss at 110.50 was taken out last Friday (high of 110.80). Despite the strong recovery, we do not view the up-move as the start of a bullish reversal. USD has likely moved into a consolidation phase and is expected to trade between a broad 109.30/111.00 range from here.

Source: efxnews.com

EUR/USD: Neutral (since 29 May 17, 1.1180): Immediate downward pressure towards 1.1105/10. After trading between 1.1200 and 1.1300 for more than a week, EUR cracked the 1.1200 support to hit an overnight low of 1.1193. While the outlook for the next 1 to 3 weeks is still deemed as neutral, the undertone has weakened considerably and the risk has shifted to the downside. From here, EUR is expected to stay under pressure and this could lead to a move lower to test the major 1.1105/10 support (low in late May which coincides with rising trend-line). At this stage, the odds for a sustained move below this level is not high but a clear break below this level would indicate that EUR has moved into a bearish phase (with an immediate target of 1.1000). All in, this pair is expected to stay under pressure in the coming days unless it can reclaim 1.1265/70. On a shorter-term note, 1.1235 is already a strong resistance.

GBP/USD: Neutral (since 01 Jun 17, 1.2875): Stabilization only if above 1.2900.

Despite the strong rebound from a low of 1.2636, the undertone for GBP is still weak. That said, 1.2636 is acting as a solid support now and GBP could stay above this level for the next several days. A clear break of this level would shift the focus to 1.2560. Overall, only a move back above 1.2900 would indicate that the current weakness has stabilized. 

AUD/USD: Bullish (since 07 Jun 17, 0.7515): Immediate target of 0.7575, followed by 0.7615.

While the quiet consolidation in the past couple of days has dented the upward momentum somewhat, the bullish phase that started on 07 Jun is still intact. The immediate target remains unchanged at 0.7575 (followed by 0.7615).

NZD/USD: Bullish (since 23 May 17, 0.7000): Still bullish but odds for extension to 0.7245 are not high [No change in view]

NZD touched a fresh high of 0.7223 yesterday but the up-move is not accompanied by strong momentum. While the bullish phase that started more than 2 weeks ago is still intact, we continue to apportion low odds for extension to the next resistance at 0.7245. That said, confirmation of a short-term top is only upon a break below 0.7170.

USD/JPY: Shift from bearish to neutral: In a 109.30/111.00 range.

Our recent bearish expectation for a lower USD  was proven wrong when the stop-loss at 110.50 was taken out last Friday (high of 110.80). Despite the strong recovery, we do not view the up-move as the start of a bullish reversal. USD has likely moved into a consolidation phase and is expected to trade between a broad 109.30/111.00 range from here.

Source: efxnews.com

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