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

 

 

EUR/USD: Bearish: Next target at 1.0640.

There is no change to the bearish view for EUR  as we continue to anticipate a move lower towards the next major level at 1.0640.

GBP/USD: Shift from bullish to neutral: In a broad 1.2300/1.2600 range.

The break below 1.2400 yesterday indicates that our recent expectation for GBP to extend its gains to 1.2770 is wrong. The outlook for this pair is viewed as neutral now and we expect to see a period of sideway trading, likely within a broad 1.2300/1.2600 range.

AUD/USD: Bearish: Target 0.7440/45.

There is no change to the current bearish AUD view with a target of 0.7440/45. As highlighted yesterday, oversold short-term conditions could lead to a couple of days of consolidation first. Only a move back above 0.7630 (adjusted from 0.7660) would indicate that a temporary low is in place

NZD/USD: Bearish: Oversold but room for extension to 0.7035. [No change in view]

As highlighted yesterday, while the outlook for NZD has shifted to bearish, the recent decline is clearly oversold. That said, further extension to 0.7035 is not ruled out and only a move back above 0.7230 would indicate that a short-term low is in place.

USD/JPY: Bullish: Next resistance at 110.00.

The partial profit-taking level of 109.00 indicated yesterday was exceeded as USD continues to surge at a solid pace despite severely overbought conditions. There is no sign of an imminent top and the next level to aim for is at 110.00. Above this level, the next significant resistance is at 111.40/45, high seen in late May.

UOB is short AUD/USD.

Source:www.efxnews.com

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