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PIG TODAY-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

 

 

EUR/USD: Neutral: Bullish if daily closing above 1.1095.

The anticipated corrective rebound exceeded our expectation by easily moving above the strong 1.1040 resistance. Upward momentum continues to improve and the undertone for EUR is clearly positive. However, EUR has to break above the major 1.1095 resistance before a sustained rally in the coming weeks can be expected. Overall, the positive undertone would remain intact unless there is a move back below 1.0955 (1.1000 is already a strong short-term support).

GBP/USD: Neutral: In a 1.2080/1.2350 range. [No change in view]

The undertone for GBP has improved somewhat with the strong daily closing yesterday. However, the current outlook is still viewed as neutral and we continue to expect sideway trading between 1.2080 and 1.2350 (even though the nearterm bias is towards the upside).

AUD/USD: Neutral: In a 0.7540/0.7705 range.

The recent downward pressure has eased as AUD moved back above the strong 0.7660 resistance (overnight high of 0.7689). Despite the strong rebound, the current outlook for this pair is still viewed as neutral even though the recent downward bias has eased. At this stage, there is no clear signs that this pair is about to embark on a sustained directional move and it is more likely that we would see a period of consolidation, likely within a 0.7540/0.7705 range.

NZD/USD: Neutral: Rebound has room to extend to 0.7265.

The surprising strength in NZD moved above the strong 0.7205 resistance. While the undertone has improved considerably, we are not convinced that the current up-move can be sustained. That said, further extension to 0.7265 would not surprising and we would turn bullish only if there is a daily closing above this level. The positive undertone is expected to stay intact unless there is move back below 0.7160.

USD/JPY: Shift from bullish to neutral: Pull-back could extend lower to 103.50.

While we highlighted the diminished odds for further USD strength in recent updates, the ease of which the key 104.00 support was taken out was unexpected. The bullish phase that earlier last month has ended and the current price action is deemed as a corrective pull-back which could extend lower to 103.50 with room for further extension to 103.00. Overall, this pair is expected to stay on the defensive in the coming days unless it can reclaim 104.60.

 

Source: efxnews.com

 

 

EUR/USD: Neutral: Bullish if daily closing above 1.1095.

The anticipated corrective rebound exceeded our expectation by easily moving above the strong 1.1040 resistance. Upward momentum continues to improve and the undertone for EUR is clearly positive. However, EUR has to break above the major 1.1095 resistance before a sustained rally in the coming weeks can be expected. Overall, the positive undertone would remain intact unless there is a move back below 1.0955 (1.1000 is already a strong short-term support).

GBP/USD: Neutral: In a 1.2080/1.2350 range. [No change in view]

The undertone for GBP has improved somewhat with the strong daily closing yesterday. However, the current outlook is still viewed as neutral and we continue to expect sideway trading between 1.2080 and 1.2350 (even though the nearterm bias is towards the upside).

AUD/USD: Neutral: In a 0.7540/0.7705 range.

The recent downward pressure has eased as AUD moved back above the strong 0.7660 resistance (overnight high of 0.7689). Despite the strong rebound, the current outlook for this pair is still viewed as neutral even though the recent downward bias has eased. At this stage, there is no clear signs that this pair is about to embark on a sustained directional move and it is more likely that we would see a period of consolidation, likely within a 0.7540/0.7705 range.

NZD/USD: Neutral: Rebound has room to extend to 0.7265.

The surprising strength in NZD moved above the strong 0.7205 resistance. While the undertone has improved considerably, we are not convinced that the current up-move can be sustained. That said, further extension to 0.7265 would not surprising and we would turn bullish only if there is a daily closing above this level. The positive undertone is expected to stay intact unless there is move back below 0.7160.

USD/JPY: Shift from bullish to neutral: Pull-back could extend lower to 103.50.

While we highlighted the diminished odds for further USD strength in recent updates, the ease of which the key 104.00 support was taken out was unexpected. The bullish phase that earlier last month has ended and the current price action is deemed as a corrective pull-back which could extend lower to 103.50 with room for further extension to 103.00. Overall, this pair is expected to stay on the defensive in the coming days unless it can reclaim 104.60.

 

Source: efxnews.com

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