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PIG TODAY-25.01.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Diminished odds for towards 1.0820.

EUR tried but failed to maintain a toehold above 1.0770 (high of 1.0774). The recent positive undertone has eased somewhat with the pull-back from the high but as long as 1.0670 is intact, another attempt to move towards 1.0820 is not ruled out just yet, even though the odds for such a move have diminished.

GBP/USD: Bullish: Immediate target of 1.2650.*

We just adopted a bullish GBP stance yesterday and there is no change to the view. The immediate target is still at 1.2650; a clear break above this level would shift the focus towards 1.2730. Stop loss remains unchanged at 1.2355 for now but the 1.2415/20 low seen yesterday is likely strong enough to hold any short-term pull-back (stop-loss to shift higher only upon a move above 1.2570).

AUD/USD: Bullish: Focus is at 0.7630 now. [No change in view]

While AUD appears to be struggling to move clearly above 0.7600, the bullish phase that started two weeks ago is still intact. Only a move below 0.7520  would indicate that an interim top is in place. A clear break above 0.7630 could lead to acceleration higher towards 0.7700.

NZD/USD: Bullish: To take partial profit at 0.7295/00.

While the bullish phase in NZD that started more than a week ago is still intact, the current NZD strength appears to be overstretched and those who are long should look to book some partial profit especially when 0.7295/00 is a rather strong resistance. Overall, only a move below 0.7180 would indicate that that a short-term top is in place.

USD/JPY: Neutral: Early signs of stabilization but not out of the woods yet. 

Despite the generally negative undertone, USD tried but failed to move clearly below the major 112.50 support. The rapid and sharp bounce from a low of 112.49 yesterday suggests that the recent weakness is stabilizing. However, it is too early to expect a sustained up-move especially when there is a major resistance at 114.80 (declining trend-line). At the least, USD has to move and stay above 114.20 or the risk of a drop below 112.50 is still intact even though the odds for such a move have diminished somewhat. A clear break below 112.50 could lead to acceleration lower towards 111.50.

Source: efxnews.com

EUR/USD: Neutral: Diminished odds for towards 1.0820.

EUR tried but failed to maintain a toehold above 1.0770 (high of 1.0774). The recent positive undertone has eased somewhat with the pull-back from the high but as long as 1.0670 is intact, another attempt to move towards 1.0820 is not ruled out just yet, even though the odds for such a move have diminished.

GBP/USD: Bullish: Immediate target of 1.2650.*

We just adopted a bullish GBP stance yesterday and there is no change to the view. The immediate target is still at 1.2650; a clear break above this level would shift the focus towards 1.2730. Stop loss remains unchanged at 1.2355 for now but the 1.2415/20 low seen yesterday is likely strong enough to hold any short-term pull-back (stop-loss to shift higher only upon a move above 1.2570).

AUD/USD: Bullish: Focus is at 0.7630 now. [No change in view]

While AUD appears to be struggling to move clearly above 0.7600, the bullish phase that started two weeks ago is still intact. Only a move below 0.7520  would indicate that an interim top is in place. A clear break above 0.7630 could lead to acceleration higher towards 0.7700.

NZD/USD: Bullish: To take partial profit at 0.7295/00.

While the bullish phase in NZD that started more than a week ago is still intact, the current NZD strength appears to be overstretched and those who are long should look to book some partial profit especially when 0.7295/00 is a rather strong resistance. Overall, only a move below 0.7180 would indicate that that a short-term top is in place.

USD/JPY: Neutral: Early signs of stabilization but not out of the woods yet. 

Despite the generally negative undertone, USD tried but failed to move clearly below the major 112.50 support. The rapid and sharp bounce from a low of 112.49 yesterday suggests that the recent weakness is stabilizing. However, it is too early to expect a sustained up-move especially when there is a major resistance at 114.80 (declining trend-line). At the least, USD has to move and stay above 114.20 or the risk of a drop below 112.50 is still intact even though the odds for such a move have diminished somewhat. A clear break below 112.50 could lead to acceleration lower towards 111.50.

Source: efxnews.com

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