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PIG TODAY-12.01.2017-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

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

EUR registered a range of 1.0452/1.0622 yesterday, which almost covers the whole of our expected 1 to 3 weeks consolidation range of 1.0420/1.0620 (first indicated last Thursday). At this stage, there is no pre-indication that EUR is ready stage a ‘break-out’. That said, the undertone is mildly positive and a break above 1.0620/25 could lead to a move higher to test the major resistance zone near 1.0650/70.

GBP/USD: Bearish: To take partial profit at 1.2005/10.

GBP broke below the strong 1.2085/90 support (low of 1.2038) but the down-move was quickly reversed. The sharp bounce from the low has dented the recent downward momentum but as long as 1.2290 is intact, another leg lower towards 1.2000 cannot be ruled out just yet. That said, based on the current lackluster momentum, those who are short should look to book partial profit near 1.2005/10.

AUD/USD: Bullish: To take partial profit at 0.7500/05.

We highlighted the constructive price action in AUD on Monday and turned bullish when 0.7350/55 was taken out on Tuesday (spot at 0.7350). The immediate target indicated at 0.7430 was quickly exceeded as AUD registered the largest daily gain in 4 months yesterday (touching a high of 0.7471). While the outlook is still clearly bullish, the rally appears to be running ahead of itself and those who are long should look to take partial profit near 0.7500/05, just below the major resistance near 0.7525 (high in December).

NZD/USD: Neutral: Bullish only if clearly above 0.7100/05.

While the breach of the strong 0.7055 resistance bodes well for NZD, we prefer to see a clear break above the declining trend-line resistance at 0.7100/05 before turning bullish. This appears to be a likely scenario unless there is a move back below 0.6960 within these 1 to 2 days.

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

As noted yesterday, a break below 115.00/05 would indicate that a deeper probe towards 114.00 has started. At this stage, we expect this level to offer solid support. That said, the downward pressure would continue to increase unless USD can reclaim 116.40 within the next few days.

Source: efxnews.com

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

EUR registered a range of 1.0452/1.0622 yesterday, which almost covers the whole of our expected 1 to 3 weeks consolidation range of 1.0420/1.0620 (first indicated last Thursday). At this stage, there is no pre-indication that EUR is ready stage a ‘break-out’. That said, the undertone is mildly positive and a break above 1.0620/25 could lead to a move higher to test the major resistance zone near 1.0650/70.

GBP/USD: Bearish: To take partial profit at 1.2005/10.

GBP broke below the strong 1.2085/90 support (low of 1.2038) but the down-move was quickly reversed. The sharp bounce from the low has dented the recent downward momentum but as long as 1.2290 is intact, another leg lower towards 1.2000 cannot be ruled out just yet. That said, based on the current lackluster momentum, those who are short should look to book partial profit near 1.2005/10.

AUD/USD: Bullish: To take partial profit at 0.7500/05.

We highlighted the constructive price action in AUD on Monday and turned bullish when 0.7350/55 was taken out on Tuesday (spot at 0.7350). The immediate target indicated at 0.7430 was quickly exceeded as AUD registered the largest daily gain in 4 months yesterday (touching a high of 0.7471). While the outlook is still clearly bullish, the rally appears to be running ahead of itself and those who are long should look to take partial profit near 0.7500/05, just below the major resistance near 0.7525 (high in December).

NZD/USD: Neutral: Bullish only if clearly above 0.7100/05.

While the breach of the strong 0.7055 resistance bodes well for NZD, we prefer to see a clear break above the declining trend-line resistance at 0.7100/05 before turning bullish. This appears to be a likely scenario unless there is a move back below 0.6960 within these 1 to 2 days.

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

As noted yesterday, a break below 115.00/05 would indicate that a deeper probe towards 114.00 has started. At this stage, we expect this level to offer solid support. That said, the downward pressure would continue to increase unless USD can reclaim 116.40 within the next few days.

Source: efxnews.com

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