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

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

On March 15, 2017, Posted by , In Uncategorized, By ,,,, , With No Comments

EUR/USD: Neutral: Back in range; likely within 1.0520/1.0720. 

The ease of which the strong 1.0615 support was taken out came as a surprise (overnight low of 1.0597). The recent build-up in upward momentum has fizzled out and EUR is deemed to have moved back into a range, likely between 1.0520 and 1.0720.

GBP/USD: Neutral: In a 1.2100/1.2300 range. 

We shifted from a bearish to neutral stance yesterday and there is no change to the view. However, the sharp drop to a low of 1.2110 during London hours came as a surprise even though this level is still within our expected consolidation range of 1.2100/1.2300. Shorter term downward momentum has picked up again and a clear break below 1.2100 would indicate the start of a fresh bearish phase. In the meanwhile, the immediate bias is on the downside unless GBP can move above 1.2250.

AUD/USD: Neutral: In a 0.7490/0.7610 range. 

There is not much to add as AUD traded in a quiet manner and registered an ‘inside day’ yesterday. The current movement is viewed as part of consolidation phase between 0.7490 and 0.7610. There is slight positive bias but even if there is a break above 0.7610, there is another significant resistance at 0.7635.

NZD/USD: Neutral: Early and tentative signs of basing. 

We indicated in recent updates that “NZD is expected to trade sideways at these lower levels, likely within a 0.6880/0.6980 range”. The range for the past few days has been narrower than anticipated. That said, the price action continues to suggest that NZD is trying to form a base for a stronger recovery but at this stage, this pair does not appear to be ready to stage ‘break’ higher just yet.

USD/JPY: Neutral: Early and tentative signs of basing. 

We indicated in recent updates that “NZD is expected to trade sideways at these lower levels, likely within a 0.6880/0.6980 range”. The range for the past few days has been narrower than anticipated. That said, the price action continues to suggest that NZD is trying to form a base for a stronger recovery but at this stage, this pair does not appear to be ready to stage ‘break’ higher just yet.

 

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