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

 

 

EUR/USD: Neutral: Downward pressure but expects strong support at 1.0505.

EUR registered an ‘outside day’ yesterday and closed on a rather strong note. The recent downward pressure has eased but until there is a clear move above the strong 1.0670 resistance, another attempt to move lower towards the major 1.0505 support could not be ruled out just yet (even though the odds have decreased considerably).

GBP/USD: Neutral: In a 1.2480/1.2750 range.

GBP continue to trade in a choppy manner and there is no change to the current neutral view for this pair. Improved short-term upward momentum could lead to a move above the expected consolidation range of 1.2480/1.2750 but 1.2775 is another major resistance and this level is unlikely to yield so easily.

AUD/USD: Neutral: In a higher range of 0.7350/0.7550.

While shorter-term upward momentum has improved somewhat, a sustained move above the major 0.7550 resistance still seems unlikely for now. That said, the undertone is generally positive if AUD could continue to hold at these higher levels and the upward momentum would continue to increase. On the downside, 0.7400 acting as a solid support.

NZD/USD: Neutral: In 0.7070/0.7200 range.

While we continue to hold the view that NZD is trading in a neutral 0.7070/0.7200 range, the undertone has improved considerably with the strong rebound yesterday. The odds for a sustained move above 0.7200 have increased and would continue to grow unless there is a move back below 0.7115 within these few days. The next resistance above 0.7200 is at 0.7250.

USD/JPY: Neutral: Signs of waning momentum but too early to expect a bearish reversal.

USD extended its gains but the up-move did not have enough momentum to challenge the strong 116.50 resistance indicated yesterday (high of 116.12). The rapid drop from the high suggests that the recent strong upward momentum is waning but at this stage, it is too early to expect a bearish reversal. Overall, there is no change to the current neutral outlook but the short-term upward impetus has waned and this pair is more likely trade sideways for now, likely within a broad 114.00/116.00 range.

Source: efxnews.com

 

 

EUR/USD: Neutral: Downward pressure but expects strong support at 1.0505.

EUR registered an ‘outside day’ yesterday and closed on a rather strong note. The recent downward pressure has eased but until there is a clear move above the strong 1.0670 resistance, another attempt to move lower towards the major 1.0505 support could not be ruled out just yet (even though the odds have decreased considerably).

GBP/USD: Neutral: In a 1.2480/1.2750 range.

GBP continue to trade in a choppy manner and there is no change to the current neutral view for this pair. Improved short-term upward momentum could lead to a move above the expected consolidation range of 1.2480/1.2750 but 1.2775 is another major resistance and this level is unlikely to yield so easily.

AUD/USD: Neutral: In a higher range of 0.7350/0.7550.

While shorter-term upward momentum has improved somewhat, a sustained move above the major 0.7550 resistance still seems unlikely for now. That said, the undertone is generally positive if AUD could continue to hold at these higher levels and the upward momentum would continue to increase. On the downside, 0.7400 acting as a solid support.

NZD/USD: Neutral: In 0.7070/0.7200 range.

While we continue to hold the view that NZD is trading in a neutral 0.7070/0.7200 range, the undertone has improved considerably with the strong rebound yesterday. The odds for a sustained move above 0.7200 have increased and would continue to grow unless there is a move back below 0.7115 within these few days. The next resistance above 0.7200 is at 0.7250.

USD/JPY: Neutral: Signs of waning momentum but too early to expect a bearish reversal.

USD extended its gains but the up-move did not have enough momentum to challenge the strong 116.50 resistance indicated yesterday (high of 116.12). The rapid drop from the high suggests that the recent strong upward momentum is waning but at this stage, it is too early to expect a bearish reversal. Overall, there is no change to the current neutral outlook but the short-term upward impetus has waned and this pair is more likely trade sideways for now, likely within a broad 114.00/116.00 range.

Source: efxnews.com

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