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PIG TODAY-19.01.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

 

EUR/USD: Neutral: Back in a range, likely between 1.0500 and 1.0715.

Instead of extending higher, EUR dropped sharply yesterday from a high of 1.0715. The short-term undertone has shifted from positive to neutral and this pair has likely moved back into a consolidation phase. In other words, we expect range trading for now, likely between 1.0500 and 1.0715.

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

The sharp pull-back after the spectacular rally on Tuesday was unexpected. As noted yesterday, as long as 1.2240 is intact, the current GBP strength appears to have scope to extend higher to test the major resistance at 1.2480.NA move below 1.2240 would indicate that the immediate upward pressure has eased and the start of sideway consolidation phase.

AUD/USD: Bullish: Diminished odds for further AUD strength.

The major 0.7580 resistance continues to cap as AUD dropped sharply from a high of 0.7566 yesterday. While the bullish phase that started last Tuesday (10 Jan) is still intact, faltering momentum suggests that the odds for further AUD strength have diminished. However, only a break below 0.7445 would indicate that the bullish phase has ended. Until then, despite the low odds, another attempt to move above 0.7580 cannot be ruled out just yet.

NZD/USD: Bullish: Increasing risk of a short-term top.

The sudden and sharp swing lower yesterday certainly does not bode well for the current bullish outlook for NZD. The rapid deceleration has increased the risk of a short-term top but confirmation is only upon a break below 0.7095. Such a move would not be surprising unless NZD can reclaim 0.7200 within these 1 to 2 days.

USD/JPY: Shift from bearish to neutral: Bearish call was wrong.

Current rebound could extend to 115.45/50. The bearish USD call yesterday was clearly ill-timed as USD staged a remarkable recovery and registered a ‘bullish engulfing” pattern on the candlestick chart. The strong rebound appears to have room to extend higher but the declining trend-line resistance near 115.45/50 is expected to offer solid resistance. In the next few days, only a move below 113.65 would indicate that the immediate upward pressure has eased.

Source: efxnews.com

 

EUR/USD: Neutral: Back in a range, likely between 1.0500 and 1.0715.

Instead of extending higher, EUR dropped sharply yesterday from a high of 1.0715. The short-term undertone has shifted from positive to neutral and this pair has likely moved back into a consolidation phase. In other words, we expect range trading for now, likely between 1.0500 and 1.0715.

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

The sharp pull-back after the spectacular rally on Tuesday was unexpected. As noted yesterday, as long as 1.2240 is intact, the current GBP strength appears to have scope to extend higher to test the major resistance at 1.2480.NA move below 1.2240 would indicate that the immediate upward pressure has eased and the start of sideway consolidation phase.

AUD/USD: Bullish: Diminished odds for further AUD strength.

The major 0.7580 resistance continues to cap as AUD dropped sharply from a high of 0.7566 yesterday. While the bullish phase that started last Tuesday (10 Jan) is still intact, faltering momentum suggests that the odds for further AUD strength have diminished. However, only a break below 0.7445 would indicate that the bullish phase has ended. Until then, despite the low odds, another attempt to move above 0.7580 cannot be ruled out just yet.

NZD/USD: Bullish: Increasing risk of a short-term top.

The sudden and sharp swing lower yesterday certainly does not bode well for the current bullish outlook for NZD. The rapid deceleration has increased the risk of a short-term top but confirmation is only upon a break below 0.7095. Such a move would not be surprising unless NZD can reclaim 0.7200 within these 1 to 2 days.

USD/JPY: Shift from bearish to neutral: Bearish call was wrong.

Current rebound could extend to 115.45/50. The bearish USD call yesterday was clearly ill-timed as USD staged a remarkable recovery and registered a ‘bullish engulfing” pattern on the candlestick chart. The strong rebound appears to have room to extend higher but the declining trend-line resistance near 115.45/50 is expected to offer solid resistance. In the next few days, only a move below 113.65 would indicate that the immediate upward pressure has eased.

Source: efxnews.com

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