EUR/USD has so far found resistance at 1.1460 (downtrend) and hence a correction to 1.1294 may ensue. That said, the MACD has now found support around the zero line and we are likely to see a break past the recent highs towards 1.1530-1.1611. Below 1.1294 will delay upside instead will open 1.1167-1.1207 (former support/midpoint of recent dip). Below 1.1167 will be needed to avert upside.
EURUSD Daily Chart (6-month)
GBPUSD Daily Chart (6-month)
GBPUSD MACD is moving up from the oversold levels but is still primarily bearish. Key resistance at 1.3047 has so far held firm and hence chances are of a dip to 1.2773-1.2815 area where a break will open 1.2591-1.2641 test. Above 1.3047 to open 1.3119-1.3276 area
USDJPY Daily Chart (6-month)
USDJPY is moving in a sideways range within a multi-month triangle and we are approaching the top of the triangle at 113.40. While within a dip to 111.61-112.17 may ensue. That said, MACD has now moved into the positive territory and we look for a further upside to 116.20, the multi-year downtrend. Below 110.79 averts.
AUDUSD Daily chart (6-month)
AUD/USD MACD on a weekly chart has moved into the positive territory and there is plenty of support around the .7475-.7520 area. Hence we expect dips to be short lived with .7716 likely to be tested over the coming days above there next target area is .7749-.7831 (2017 / 2016 highs)
EURGBP Daily Chart (6-month)
EURGBP looks fairly bullish and hence we see a further upside to .9025 on a break of .8864. Failure to break .8864 can lead to a short-term dip but while above .8720 (area of strong support) chances are for the current rally to extend. Below .8720 to open a deeper dip to .8602.
Eyes on today French and German Services PMI. Also Eurozone Retail Sales. Eyes on Fed’s FOMC Meeting later today.
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FX Trade Ideas - 05 July 17
AUDJPY is in process of completing a head and shoulders base pattern with a neckline at 87.35. MACD is also showing signs of gaining momentum and we now target 92.67 initially, possibly 97.26. Below 83.75 to avert upside
AUDJPY Weekly Chart (3-years)
EURNZD Daily Chart (6-month)
EURNZD MACD is recovering from the oversold levels and there is strong support around 1.5400-1.5445 area. Hence we are looking to buy dips with 1.5939 targeted intially, possibly running up to 1.6152-1.6236 (May 2017 highs) Below 1.5400 to avert upside.
AUDNZD Daily Chart (6-month)
AUDNZD is forming a head and shoulders base with a neckline around 1.0550 with a break likely to trigger 1.0695, possibly 1.0748. MACD is also reversing from the oversold levels which add to the bullish view. Below 1.0327 is needed to change the outlook.
NOKSEK Daily Chart (6-month)
NOKSEK maintains a succession of lower tops & bottoms from 1.0830 on 27 February and we see the risk of an acceleration lower to attack the base of the multi-month bear channel (now at .9972), possibly as far as .9856-.9919 over coming weeks.
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NZD/USD inclining wedge formation completed, as stated a few days ago by our Strategy team
