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PIG TODAY-08.12.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

 

EUR/USD: Neutral: Room for extension higher to 1.0850.

EUR traded in a relatively narrow range yesterday and there is no change to the view wherein we expect the ‘post-Italian referendum’ up-move to extend higher towards 1.0850. At this stage, a sustained move above 1.0850 seems unlikely. Only a move below 1.0640 would indicate that the short-term upward pressure has eased.

GBP/USD: Shift from bullish to neutral: In a 1.2480/1.2750 range.

The bullish phase that started last Friday ended with the breach of 1.2630 yesterday (we advocated taking partial profit at 1.2770). The current movement is viewed as the start of a neutral consolidation phase, likely within a broad 1.2480/1.2750 range.

AUD/USD: Neutral: In a higher range of 0.7350/0.7550. [No change in view].

There is not much to add as AUD continues to trade in a relatively muted manner. The neutral phase that started about 2 weeks ago is still in place and we continue to expect range trading, likely within a 0.7350/0.7550 range.

NZD/USD: Neutral: Bullish if daily closing above 0.7200.

While we noted the improved short-term momentum in recent updates, the rapid gain in NZD is unexpected. The current up-move is hovering around the major 0.7200 resistance and a daily closing above this level would indicate the start of a sustained up-move in NZD. This appears to be a likely scenario unless there is a move back below 0.7140 within these 1 to 2 days.

USD/JPY: Neutral: In a 111.50/115.00 range.

As highlighted in the update yesterday, while the outlook for USD is deemed as neutral, the nearterm bias is tilted to the downside. That said, any weakness is expected to find solid support near last week’s low at 111.50. Strong resistance is at 114.40 followed by the key level of 115.00.

Source: efxnews.com

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