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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. No change in view.

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: Bearish (since 13 Jun 17, 1.2670): Further weakness seems likely but solid support expected at 1.2560, 1.2515.

We just shifted to a bearish stance yesterday and there is no change to the view. The ‘better selling levels’ suggested at 1.2735/40 was exceeded as GBP hit an overnight high of 1.2757. The immediate target remains at 1.2560 and stop-loss is unchanged at 1.2820.

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

The bullish phase that started one week ago appears to be struggling. Despite overall positive indications, AUD has been unable to make much headway and the immediate target at 0.7575 remains elusive (high of 0.7565 yesterday).

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 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.

USD registered an ‘inside day’ yesterday and there is no change to the current neutral outlook. 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. No change in view.

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: Bearish (since 13 Jun 17, 1.2670): Further weakness seems likely but solid support expected at 1.2560, 1.2515.

We just shifted to a bearish stance yesterday and there is no change to the view. The ‘better selling levels’ suggested at 1.2735/40 was exceeded as GBP hit an overnight high of 1.2757. The immediate target remains at 1.2560 and stop-loss is unchanged at 1.2820.

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

The bullish phase that started one week ago appears to be struggling. Despite overall positive indications, AUD has been unable to make much headway and the immediate target at 0.7575 remains elusive (high of 0.7565 yesterday).

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 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.

USD registered an ‘inside day’ yesterday and there is no change to the current neutral outlook. 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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