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PIG TODAY-14.12.2016-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.

As highlighted yesterday, we were of the view that as long as the strong 1.0670 resistance is intact, another attempt to move lower towards the major 1.0505 support could not be ruled out (even though the odds for such a move are not high). EUR touched a high of 1.0666 yesterday (holding just below the 1.0670 resistance) before easing off quickly. From here, we are faced with the same view but unless there is a sustained move below 1.0595 within these 1 to 2 days, the odds for further weakness would diminish quickly

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

GBP hit a high of 1.2728 yesterday (holding below the strong 1.2750 resistance) but eased off quickly. Shorter-term upward momentum has waned considerably and at this stage, we continue to hold a neutral view and expect further sideways consolidation between 1.2480 and 1.2750.

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

AUD/USD: AUD closed largely unchanged and as noted yesterday, the generally positive momentum would improve further if this pair could continue to hold at these higher levels. That said, it is unclear at this stage whether we can see a sustained move above 0.7550. Overall, only a move below 0.7445 would indicate that the current positive bias has eased.

NZD/USD: Neutral: Positive outlook but sustained up-move only if clearly above 0.7250.

The rebound from the late November low of 0.6970 is more resilient than expected as NZD edged above the strong 0.7200 resistance. While further advance would not be surprising, there is another major resistance at 0.7250 and only a clear break above this level would indicate that a move towards 0.7350 has started. Overall, the current upward pressure would continue to increase unless there is a move back below 0.7140 within these 1 to 2 days.

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

There is not much to add; as noted yesterday, the recent strong upward momentum has waned but at this stage, it is too early to expect a bearish reversal. USD is more likely to trade sideways for now, likely between 114.00 and 116.00.

Source: efxnews.com

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