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PIG TODAY-05.01.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Back in a range, likely between 1.0420 and 1.0620.

We highlighted yesterday that the condition for the current neutral outlook to shift to bearish is only upon a clear break below 1.0335/40. The sharp rebound yesterday indicates that the immediate downward pressure has eased and EUR has likely moved back into a consolidation phase and is expected to trade between 1.0420 and 1.0620 for now.

GBP/USD: Shift from bearish to neutral: In a 1.2220/1.2450 range.

The bearish phase that started in mid-December has ended with the move above 1.2340 yesterday (high of 1.2354). The current movement is likely the early stages of a consolidation phase and GBP is expected to trade in a broad 1.2220/1.2450 range for now.

AUD/USD: Neutral: Bullish only if above 0.7350.

Despite the strong up-move yesterday, we are not convinced that the current AUD strength can be sustained. That said, the immediate pressure is on the upside (as long as 0.7215 is intact) but only a clear break above 0.7350 would indicate the start of a bullish phase.

NZD/USD: Neutral: In a 0.6860/0.7020 range.

While upward momentum has improved with the strong daily closing yesterday, we continue to hold a neutral stance for now and would shift to bullish only if there is a clear break above 0.7020.

USD/JPY: Neutral: In a 115.50/118.50.

As noted yesterday, despite the breach of 118.50 on Tuesday, we view the USD strength as part of a broader consolidation and not the start of a sustained up-move. The sharp decline yesterday reinforces our view and we continue to expect USD to trade choppily within a broad 115.50/118.50 range for now.

Source: efxnews.com

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