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PIG TODAY-03.11.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

 

 

EUR/USD: Shift from neutral to bullish: Target, 1.1145, 1.1200

As highlighted in recent updates, the undertone for EUR is clearly positive and the ease of which the major 1.1095 resistance was taken out yesterday suggests that the current EUR strength could extend further in the coming days. That said, shorterterm indicators are already overbought and this could lead to a couple of days of consolidation first. From here, as long as 1.1000 is intact, further up-move towards 1.1145, 1.1200 seems likely.

GBP/USD: Neutral: Short-term strength could extend to 1.2400.

GBP edged above the top-end of our expected sideway consolidation range of 1.2080/1.2350 yesterday with a high of 1.2355. The recent positive undertone improves further and while extension to 1.2400 would not be surprising; we are not convinced that we could see acceleration higher from here. That said, this pair is expected to be underpinned unless there is a move back below 1.2215.

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

AUD registered and ‘inside day’ yesterday and there is no change to the current neutral outlook. Indicators are showing mixed signals and it does not appear that this pair is about to embark on af sustained directional move. In other words, we continue to expect a 0.7540/0.7705 consolidation range for now.

NZD/USD: Shift from neutral to bullish: Rally over-extended but room for extension to 0.7375.

The underlying NZD strength exceeded our expectation as the major 0.7265 was easily taken out (overnight high of 0.7309). The outlook for this pair has shifted to bullish but the up-move is over-extended. That said, further extension to 0.7375 is not ruled out as long as 0.7220 is intact.

USD/JPY: Neutral: Key support at 102.50.

We shifted from a bullish to neutral stance yesterday and expected the pull-back to extend lower. However, the pace of the down-move has been more rapid than expected and the current USD weakness could extend further towards the key 102.50 support. At this stage, a sustained move below this level seems unlikely. Overall, this pair is expected to stay under pressure unless it can reclaim 104.00.

UOB is long NZD/USD from 0.7285.

Source: efxnews.com

 

 

EUR/USD: Shift from neutral to bullish: Target, 1.1145, 1.1200

As highlighted in recent updates, the undertone for EUR is clearly positive and the ease of which the major 1.1095 resistance was taken out yesterday suggests that the current EUR strength could extend further in the coming days. That said, shorterterm indicators are already overbought and this could lead to a couple of days of consolidation first. From here, as long as 1.1000 is intact, further up-move towards 1.1145, 1.1200 seems likely.

GBP/USD: Neutral: Short-term strength could extend to 1.2400.

GBP edged above the top-end of our expected sideway consolidation range of 1.2080/1.2350 yesterday with a high of 1.2355. The recent positive undertone improves further and while extension to 1.2400 would not be surprising; we are not convinced that we could see acceleration higher from here. That said, this pair is expected to be underpinned unless there is a move back below 1.2215.

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

AUD registered and ‘inside day’ yesterday and there is no change to the current neutral outlook. Indicators are showing mixed signals and it does not appear that this pair is about to embark on af sustained directional move. In other words, we continue to expect a 0.7540/0.7705 consolidation range for now.

NZD/USD: Shift from neutral to bullish: Rally over-extended but room for extension to 0.7375.

The underlying NZD strength exceeded our expectation as the major 0.7265 was easily taken out (overnight high of 0.7309). The outlook for this pair has shifted to bullish but the up-move is over-extended. That said, further extension to 0.7375 is not ruled out as long as 0.7220 is intact.

USD/JPY: Neutral: Key support at 102.50.

We shifted from a bullish to neutral stance yesterday and expected the pull-back to extend lower. However, the pace of the down-move has been more rapid than expected and the current USD weakness could extend further towards the key 102.50 support. At this stage, a sustained move below this level seems unlikely. Overall, this pair is expected to stay under pressure unless it can reclaim 104.00.

UOB is long NZD/USD from 0.7285.

Source: efxnews.com

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