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PIG TODAY-18.01.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Room for further EUR strength towards 1.0800.

As noted in recent updates, we expect EUR to remain supported in the short-term as long as 1.0500 is intact. Upward momentum has improved further with the move above last week’s peak of 1.0684 and from here, the current EUR strength could extend further towards 1.0800. The ‘key’ short-term support is at 1.0590 (from 1.0500) with 1.0640 acting as a minor support.

GBP/USD: Neutral: Rebound to extend further towards 1.2480.

While we highlighted that we were uncertain whether the recent GBP weakness could be sustained, the spectacular rally yesterday was clearly unexpected. From here, the recovery appears incomplete and further up-move towards the declining trend-line resistance near 1.2480 seems likely. Overall, we expect GBP to remain underpinned in the coming days with solid support near 1.2240.

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

AUD touched a high of 0.7569 yesterday, just below the revised target of 0.7580. The prospect for a clear move above 0.7580 appears to be quite good and would shift the focus towards 0.7630 next. Overall, the bullish phase that started early last week is still intact as long as the stop-loss at 0.7445 is not taken out

NZD/USD: Bullish: Next key level to monitor is at 0.7250.

NZD sliced through the immediate target of 0.7180 to hit a high of 0.7219 yesterday. The bullish phase that started last Friday (13 Jan) is clearly intact even though the ideal buying level of 0.7060/70 was not met. From here, the next key level to monitor is at 0.7250. Based on the surging momentum, a break above this level would not be surprising (next resistance is at 0.7305)

USD/JPY: Shift from neutral to bearish: Oversold but room for extension to 111.50.

We were of the view that the odds for further sustained weakness were limited but were proven wrong when USD plunged to an overnight low of 112.58. Despite being oversold, there is room for further extension to 111.50. That said, in terms of reward-to-risk ratio, the current level is clearly not attractive for those looking to sell as the stop-loss is much higher up at 114.50 (probably more prudent to wait for a rebound to 113.60)

Source: efxnews.com

EUR/USD: Neutral: Room for further EUR strength towards 1.0800.

As noted in recent updates, we expect EUR to remain supported in the short-term as long as 1.0500 is intact. Upward momentum has improved further with the move above last week’s peak of 1.0684 and from here, the current EUR strength could extend further towards 1.0800. The ‘key’ short-term support is at 1.0590 (from 1.0500) with 1.0640 acting as a minor support.

GBP/USD: Neutral: Rebound to extend further towards 1.2480.

While we highlighted that we were uncertain whether the recent GBP weakness could be sustained, the spectacular rally yesterday was clearly unexpected. From here, the recovery appears incomplete and further up-move towards the declining trend-line resistance near 1.2480 seems likely. Overall, we expect GBP to remain underpinned in the coming days with solid support near 1.2240.

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

AUD touched a high of 0.7569 yesterday, just below the revised target of 0.7580. The prospect for a clear move above 0.7580 appears to be quite good and would shift the focus towards 0.7630 next. Overall, the bullish phase that started early last week is still intact as long as the stop-loss at 0.7445 is not taken out

NZD/USD: Bullish: Next key level to monitor is at 0.7250.

NZD sliced through the immediate target of 0.7180 to hit a high of 0.7219 yesterday. The bullish phase that started last Friday (13 Jan) is clearly intact even though the ideal buying level of 0.7060/70 was not met. From here, the next key level to monitor is at 0.7250. Based on the surging momentum, a break above this level would not be surprising (next resistance is at 0.7305)

USD/JPY: Shift from neutral to bearish: Oversold but room for extension to 111.50.

We were of the view that the odds for further sustained weakness were limited but were proven wrong when USD plunged to an overnight low of 112.58. Despite being oversold, there is room for further extension to 111.50. That said, in terms of reward-to-risk ratio, the current level is clearly not attractive for those looking to sell as the stop-loss is much higher up at 114.50 (probably more prudent to wait for a rebound to 113.60)

Source: efxnews.com

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