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FX Technical Analysis (Medium-term) - 04 July 2017

FX Technical Analysis (Medium-term) - 04 July 2017

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.

as at 04-Jul-17

EURUSD

GBPUSD

USDJPY

USDCHF

USDCAD

AUDUSD

NZDUSD

Key Resist 3

1.1611

1.3276

116.20

1.0004

1.3347

0.7831

0.7485

Key Resist 2

1.1530

1.3119

115.60

0.9864

1.3224

0.7749

0.7403

Key Resist 1

1.1460

1.3047

114.36

0.9769

1.3168

0.7715

0.7375

Now

1.1351

1.2920

111.62

0.9654

1.2991

0.7602

0.7274

Key Support 1

1.1294

1.2813

112.11

0.9552

1.2824

0.7578

0.7187

Key Support 2

1.1207

1.2773

111.61

0.9523

1.2765

0.7520

0.7136

Key Support 3

1.1167

1.2705

110.79

0.9446

1.2657

0.7474

0.7089

Multi-week view

Up

Flat

UP

Down

Down

Up

Flat

Multi-week tgts

1.1530 & 1.1611

-

115.60 & 116.20

.9864

1.2824

.7749 & .7831

.7089

view change

1.1167

1.3047

110.79

0.9552

1.3347

.7474

 .7403

 

 

 

 

 

 

 

 

as at 04-Jul-17

EURGBP

EURJPY

EURCHF

EURNOK

EURSEK

NOKSEK

AUDNZD

Key Resist 3

0.9025

132.23

1.1104

9.7445

9.8440

1.0469

1.0695

Key Resist 2

0.8900

130.89

1.1025

9.6425

9.8058

1.0361

1.0621

Key Resist 1

0.8865

129.69

1.0987

9.5770

9.7200

1.0245

1.0550

now

0.8771

128.38

1.0954

9.4834

9.7833

1.0203

1.0445

Key Support 1

0.8764

127.46

1.0866

9.4049

9.6185

1.0044

1.0373

Key Support 2

0.8720

125.79

1.0834

9.3216

9.5497

.9980

1.0325

Key Support 3

0.8656

124.70

1.0793

9.1712

9.5105

.9856

1.0240

Multi-week view

Up

Up

Up

 Up

Down

Down

UP

Multi-week tgts

.8900 & .9025

130.89 & 132.23

1.0987

9.6425

9.5497

.9856

1.0695

view change

.8602

124.70

1.0866

9.4049

9.8058

1.0361

1.0327

 

This article is an extended commentary piece from the FXNavigator service. The FXNavigator service provides intraday analysis of 42 currency markets with technical and economic research being updated multiple times per day. The service also includes fully interactive real-time FX charting utilizing TraderMades exclusive database of more than 40 years of data. Contact us at +44 20 8313 0992 or email for further information.

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