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PIG TODAY-17.01.2017-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

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

There is no change to the current view wherein we expect EUR to remain supported in the short-term as long as 1.0500 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 above last week’s peak of 1.0684 is at the 1.0872 high seen in early December.

GBP/USD: Neutral: Room for extension lower to 1.1900. [No change in view]

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.

The consolidation over the past two days has resulted in a quick loss in momentum but as long as 0.7400 is intact, another attempt to move towards 0.7580 cannot be ruled out just yet. On a shorter-term basis, 0.7520/25 is already acting as a strong resistance.

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

There is not much to add as NZD traded mostly sideways after breaking above the 0.7100 trend-line resistance last week. As long as 0.7020 is intact, the prospect for further upmove towards 0.7180 still appears to be quite high. Ideal buying level remains near 0.7060/70.

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

USD dipped briefly below last week’s low of 113.70/75 to touch 113.65 but the down-move was short-lived. While the undertone is still negative, the odds for further sustained down-move are not high. That said, USD has to reclaim 116.00 in the coming days to alleviate the immediate downward pressure.

Source: efxnews.com

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