Trading Forex last 6 years.
Music as hobby.
Music as hobby.
AlexPhilpott
EUR/USD: Neutral: Short-term downward pressure has eased.
In a 1.1350/1.1500 range now. Short-term downward pressure has clearly eased and the odds for an extension lower to 1.1300 are rather slim now. That said, the outlook for this pair is still viewed as neutral but it seems more likely that EUR will trade sideways between 1.1350 and 1.1500 from here.
GBP/USD: Neutral: In a 1.4360/1.4550 range. [No change in view]
The pull-back from the 1.4770 peak last week appears to be basing out. The odds for extension below 1.4400 have diminished and the current movement is viewed as the start of a consolidation phase. In other words, GBP is expected to trade sideways from here, likely between 1.4360 and 1.4550.
AUD/USD: Bearish: Low odds for extension below 0.7300. [No change in view]
As mentioned yesterday, the recent AUD weakness is overextended and a sharp drop below 0.7300 is unlikely. That said, as long as 0.7440 is not taken out, we could see a slow drift lower to test the next support at 0.7240 even though the odds for such a move are not high.
NZD/USD: Bearish: Downside risk has diminished considerably.
The sharp rebound from the low of 0.6717 clearly does not bode well for our bearish view. That said, unless the 0.6860 is taken out, NZD could still stage another leg lower but the odds for such a move have clearly diminished.
USD/JPY: Bullish: Rebound to extend higher to 109.70.
Despite the sharp pull-back yesterday, there is no change to our bullish USD view. Both target and stop-loss remain unchanged at 109.70 and 107.50 respectively.
In a 1.1350/1.1500 range now. Short-term downward pressure has clearly eased and the odds for an extension lower to 1.1300 are rather slim now. That said, the outlook for this pair is still viewed as neutral but it seems more likely that EUR will trade sideways between 1.1350 and 1.1500 from here.
GBP/USD: Neutral: In a 1.4360/1.4550 range. [No change in view]
The pull-back from the 1.4770 peak last week appears to be basing out. The odds for extension below 1.4400 have diminished and the current movement is viewed as the start of a consolidation phase. In other words, GBP is expected to trade sideways from here, likely between 1.4360 and 1.4550.
AUD/USD: Bearish: Low odds for extension below 0.7300. [No change in view]
As mentioned yesterday, the recent AUD weakness is overextended and a sharp drop below 0.7300 is unlikely. That said, as long as 0.7440 is not taken out, we could see a slow drift lower to test the next support at 0.7240 even though the odds for such a move are not high.
NZD/USD: Bearish: Downside risk has diminished considerably.
The sharp rebound from the low of 0.6717 clearly does not bode well for our bearish view. That said, unless the 0.6860 is taken out, NZD could still stage another leg lower but the odds for such a move have clearly diminished.
USD/JPY: Bullish: Rebound to extend higher to 109.70.
Despite the sharp pull-back yesterday, there is no change to our bullish USD view. Both target and stop-loss remain unchanged at 109.70 and 107.50 respectively.
AlexPhilpott
Sell or buy on AUDUSD
http://www.fxstreet.com/news/aud-usd-breaks-0-73-handle-vulnerable-to-further-losses-201605130159
http://www.fxstreet.com/news/aud-usd-breaks-0-73-handle-vulnerable-to-further-losses-201605130159
AlexPhilpott
https://www.efxnews.com/story/32862/tech-targets-eurusd-gbpusd-audusd-nzdusd-usdjpy-uob
