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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 1.1130.

Despite the recent lackluster price action, we still think there is room for the current pull-back in EUR to extend lower. However, the rising trend-line support has moved higher with time and is currently sitting at 1.1130. This is a rather strong support but a break of this level would increase the odds of a move below the 1.1105/10 the low seen in late May. Overall, EUR is expected to stay under pressure unless it can reclaim 1.1265/70. On a shorter-term note, 1.1235 is already a strong resistance.

GBP/USD: Shift from neutral to bearish: Further weakness seems likely but solid support expected at 1.2560, 1.2515.

The rapid decline yesterday suggests that a move below this level is likely. That said, any further weakness is expected to face solid support at 1.2560, followed by 1.2515. To put it another way, the outlook for this pair has shifted to bearish with an immediate target at 1.2560 followed by 1.2515.

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

NZD dipped to a low of 0.7171 yesterday, just one pip above our trailing stop-loss for our bullish view at 0.7170. The quick rebound from the low suggests that this pair is likely making another push higher towards 0.7245. That said, upward momentum remains patchy at best and the odds for a move above 0.7245 are not high.

USD/JPY: Neutral (since 12 Jun 17, 110.35): In a 109.30/111.00 range.

We just shifted to a neutral stance yesterday and there is no change to the view. The current movement is viewed as part of a consolidation phase and USD is expected to trade within 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 1.1130.

Despite the recent lackluster price action, we still think there is room for the current pull-back in EUR to extend lower. However, the rising trend-line support has moved higher with time and is currently sitting at 1.1130. This is a rather strong support but a break of this level would increase the odds of a move below the 1.1105/10 the low seen in late May. Overall, EUR is expected to stay under pressure unless it can reclaim 1.1265/70. On a shorter-term note, 1.1235 is already a strong resistance.

GBP/USD: Shift from neutral to bearish: Further weakness seems likely but solid support expected at 1.2560, 1.2515.

The rapid decline yesterday suggests that a move below this level is likely. That said, any further weakness is expected to face solid support at 1.2560, followed by 1.2515. To put it another way, the outlook for this pair has shifted to bearish with an immediate target at 1.2560 followed by 1.2515.

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

NZD dipped to a low of 0.7171 yesterday, just one pip above our trailing stop-loss for our bullish view at 0.7170. The quick rebound from the low suggests that this pair is likely making another push higher towards 0.7245. That said, upward momentum remains patchy at best and the odds for a move above 0.7245 are not high.

USD/JPY: Neutral (since 12 Jun 17, 110.35): In a 109.30/111.00 range.

We just shifted to a neutral stance yesterday and there is no change to the view. The current movement is viewed as part of a consolidation phase and USD is expected to trade within a broad 109.30/111.00 range from here.

Source: efxnews.com

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