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Forex Tech Targets

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AUD/USD: Bearish (02 May 18, 0.7485): Target a move to 0.7410.

We just shifted to a bearish stance yesterday (02 May, spot at 0.7485) and there is no change to the view. The ‘target’ remains unchanged at 0.7410 even though 0.7440 is quite a strong shorter-term support. That said, after the rapid decline over the past couple of weeks, it does feel that we are ‘too late in the game’. On the upside, ‘stop-loss’' for this view remains unchanged at 0.7570 for now.

NZD/USD: Bearish (since 02 May 18, 0.7005): Late in the game, further weakness likely limited to 0.6920.

We just turned bearish yesterday (02 May, spot at 0.7005) and there is no change to the view. While it appears that we are late in the game, there is scope for further NZD weakness even though the downside potential is likely ‘limited’ to 0.6920 (0.6965 is already quite a strong level). There is no change to the ‘stop-loss’  for this view at 0.7085 for now.

USD/JPY: Neutral (since 21 Feb 18, 107.35): Shift to bullish if NY close is above 110.00. No change in view.In our latest update on Thursday (26 Apr, spot at 109.40), we highlighted that the break of 109.30 has shifted to focus to 110.00. We indicated that 110.00 is of high importance and a break of this level would suggest that USD has likely made a significant low at 104.55 last month. Since then, the outlook for USD has improved further and from here, a NY close above 110.00 would indicate the start of a bullish phase (with an immediate target of 110.50 followed by 111.00). The prospect for such a scenario is not very high at this stage but would continue to improve as long as USD can hold above the 108.80 ‘key support’

AUD/USD: Bearish (02 May 18, 0.7485): Target a move to 0.7410.

We just shifted to a bearish stance yesterday (02 May, spot at 0.7485) and there is no change to the view. The ‘target’ remains unchanged at 0.7410 even though 0.7440 is quite a strong shorter-term support. That said, after the rapid decline over the past couple of weeks, it does feel that we are ‘too late in the game’. On the upside, ‘stop-loss’' for this view remains unchanged at 0.7570 for now.

NZD/USD: Bearish (since 02 May 18, 0.7005): Late in the game, further weakness likely limited to 0.6920.

We just turned bearish yesterday (02 May, spot at 0.7005) and there is no change to the view. While it appears that we are late in the game, there is scope for further NZD weakness even though the downside potential is likely ‘limited’ to 0.6920 (0.6965 is already quite a strong level). There is no change to the ‘stop-loss’  for this view at 0.7085 for now.

USD/JPY: Neutral (since 21 Feb 18, 107.35): Shift to bullish if NY close is above 110.00. No change in view.In our latest update on Thursday (26 Apr, spot at 109.40), we highlighted that the break of 109.30 has shifted to focus to 110.00. We indicated that 110.00 is of high importance and a break of this level would suggest that USD has likely made a significant low at 104.55 last month. Since then, the outlook for USD has improved further and from here, a NY close above 110.00 would indicate the start of a bullish phase (with an immediate target of 110.50 followed by 111.00). The prospect for such a scenario is not very high at this stage but would continue to improve as long as USD can hold above the 108.80 ‘key support’

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