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PIG TODAY-13.01.2017-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: Positive outlook as long as above 1.0500. 

EUR exceeded the major resistance indicated at 1.0650/70 yesterday to hit a high of 1.0684 but the up-move was shortlived. Despite the pull-back from the high, the outlook for EUR is still positive but at this stage, it is unclear if it can continue to move higher in a sustained manner (even though technically the next significant resistance is at the 1.0872 high seen in early December). In view of the recent choppy price actions, it may be more prudent to approach this pair from a shorter-term perspective and be nimble and quick with entry and exit. We deem the short-term outlook as ‘positive’ and expect the 1.0500 support to hold, at least for the next few days.

GBP/USD: Shift from bearish to neutral: In a 1.2000/1.2300 range.

GBP spiked above 1.2290 to touch a high of 1.2317 before dropping sharply to current level. The recent bearish phase has ended and the outlook for this pair is viewed as neutral for now. Further volatile trading is expected in the coming days, likely within a broad 1.2000/1.2300 range.

AUD/USD: Bullish: Took partial profit at 0.7500/05, next level to focus on is at 0.7580.*

The partial profit-taking level highlighted in the update yesterday at 0.7500/05 was exceeded as AUD hit a high of 0.7519. This level was just below 0.7525 peak seen in December. While the rally appears to be running ahead of itself, a move above 0.7525 would shift focus towards 0.7580. Overall, only a move below the stop-loss at 0.7400 (adjusted from 0.7340) would indicate that the bullish phase has ended.

NZD/USD: Shift from neutral to bullish: Overbought but room to extend to 0.7180.*

As noted yesterday, a break above 0.7100/05 would shift the neutral outlook for NZD to bullish. Shorter-term indicators are overbought but there appears to be room for extension to 0.7180. At current level, the reward to risk does not appear to be that attractive and those looking to go long may like to wait for a dip closer to 0.7060/70.

USD/JPY: Neutral: Stabilization only if above 116.00.

USD plummeted below 114.00 to touch 113.73 but rebounded quickly and strongly. While the immediate downward pressure has eased somewhat, only a move above 116.00 would indicate that a short-term low is in place. In the meanwhile, another leg lower below 113.70/75 (next support at 113.10/15) is not ruled out but the odds for such a move does not appear to be high.

Source: efxnews.com

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