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PIG TODAY-06.01.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

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

EUR touched a high of 1.0615 yesterday, just a few pips below our expected sideways consolidation range of 1.0420/1.0620. While the swift and sharp rally has resulted in a positive undertone, we prefer to wait for a clear break above the major 1.0650/70 zone before shifting to a bullish stance. For the next couple of days, only a move below 1.0520 would indicate that the immediate upward pressure has eased.

GBP/USD: Neutral: In a 1.2220/1.2450 range.

We turned neutral yesterday and were of the view that GBP has moved into a 1.2220/1.2450 consolidation range. While the overnight high of 1.2432 did not threaten the 1.2450 resistance, the rapid rise yesterday has resulted in a positive undertone (especially on a short-term basis). From here, a move above 1.2450 is not ruled out but 1.2500 and 1.2550 are both very strong resistances and these levels are unlikely to yield so easily. All said, the current positive undertone would ease only upon a move back below 1.2270 (minor support at 1.2330).

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

AUD edged above the strong 0.7350 resistance yesterday (high of 0.7356) but has eased off somewhat. As highlighted, we prefer to see a clear break above 0.7350 (say a daily closing above this level) before turning bullish. For the next couple of days, the upward pressure would likely continue to build as long as any short-term pull-back were to hold above 0.7250. A shift above to a bullish stance would have an immediate target of 0.7430.

NZD/USD: Neutral: Bullish if daily close above 0.7055.

While NZD moved above the strong 0.7020 resistance, the short-term price action is extremely overbought and only a daily closing above 0.7055 would indicate the start of a sustained up-move. Such a scenario would not be surprising as long as the support at 0.6955 is intact.

USD/JPY: Neutral: Pull-back has room to extend lower to 114.00.

USD broke below the expected 115.50/118.50 range (low of 115.08) earlier but we are not convinced that the current weakness can be sustained. The price action is more akin to a deep corrective pull-back instead of the start of a major bearish reversal. That said, the short-term pressure is on the downside and there is scope for further weakness to 114.00 (though we do not attach a high probability for such a move). Only a move back above 116.80 would indicate that the current weakness has stabilized (minor resistance at 116.20).

Source: efxnews.com

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