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PIG TODAY-16.01.2017- Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

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

EUR registered an ‘inside day’ last Friday and there is no change to our view wherein we deem the short-term outlook as ‘positive’ as long as the key 1.0500 support is intact. However, it is unclear at this stage if EUR can move higher in a sustained manner (even though technically the next significant resistance is at the 1.0872 high seen in early December).

GBP/USD: Neutral: Room for extension lower to 1.1900.

We turned neutral last Friday after when the bearish stoploss was taken out at 1.2290. The gap lower this morning was clearly unexpected and the immediate risk has shifted to the downside again. However, it is uncertain whether the current GBP weakness can be sustained even though on a shorter-term basis, there is room for extension lower towards 1.1900. Last Friday’s low near 1.2120/25 is acting as a strong resistance but only a move above 1.2200 would indicate that the immediate downward pressure has eased.

AUD/USD: Bullish: Took partial profit at 0.7500/05, next level to focus on is at 0.7580. [No change in view]

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 0.7400 (adjusted from 0.7340) would indicate that the bullish phase has ended.

NZD/USD: Bullish: Overbought but room to extend to 0.7180.

We turned bullish NZD last Friday and there is no change to the view. The suggested buying level of 0.7060/70 was not met as NZD rebounded from a low of 0.7072. Shorter-term momentum has waned somewhat and another dip towards 0.7060/70 would not be surprising. Stop-loss remains unchanged at 0.7020.

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

The immediate bias is still tilted to the downside but downward momentum is showing signs of waning. However, confirmation of a short-term low is only upon a move above 116.00. Until then, another leg lower below last week’s 113.70/75 low (next support at 113.10/15) cannot be ruled out just yet even though the odds for such a move are not high.

Source: efxnews.com

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

EUR registered an ‘inside day’ last Friday and there is no change to our view wherein we deem the short-term outlook as ‘positive’ as long as the key 1.0500 support is intact. However, it is unclear at this stage if EUR can move higher in a sustained manner (even though technically the next significant resistance is at the 1.0872 high seen in early December).

GBP/USD: Neutral: Room for extension lower to 1.1900.

We turned neutral last Friday after when the bearish stoploss was taken out at 1.2290. The gap lower this morning was clearly unexpected and the immediate risk has shifted to the downside again. However, it is uncertain whether the current GBP weakness can be sustained even though on a shorter-term basis, there is room for extension lower towards 1.1900. Last Friday’s low near 1.2120/25 is acting as a strong resistance but only a move above 1.2200 would indicate that the immediate downward pressure has eased.

AUD/USD: Bullish: Took partial profit at 0.7500/05, next level to focus on is at 0.7580. [No change in view]

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 0.7400 (adjusted from 0.7340) would indicate that the bullish phase has ended.

NZD/USD: Bullish: Overbought but room to extend to 0.7180.

We turned bullish NZD last Friday and there is no change to the view. The suggested buying level of 0.7060/70 was not met as NZD rebounded from a low of 0.7072. Shorter-term momentum has waned somewhat and another dip towards 0.7060/70 would not be surprising. Stop-loss remains unchanged at 0.7020.

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

The immediate bias is still tilted to the downside but downward momentum is showing signs of waning. However, confirmation of a short-term low is only upon a move above 116.00. Until then, another leg lower below last week’s 113.70/75 low (next support at 113.10/15) cannot be ruled out just yet even though the odds for such a move are not high.

Source: efxnews.com

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