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PIG TODAY-31.01.2017-Tech Targets: EUR/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: In a 1.0600/1.0800 range.

EUR dipped briefly to a low of 1.0617 yesterday but rebounded quickly. Indicators are mostly neutral which suggest further broad sideway consolidation in the coming days, likely within a 1.0600/1.0800 range.

AUD/USD: Neutral: In a 0.7480/0.7630 range.

The current movement in AUD is deemed as a sideways consolidation range, likely between 0.7480 and 0.7630. Looking further ahead, the consolidation phase is expected to be resolved to the upside but only a clear break above the major 0.7630 resistance would indicate the start of a sustained up-move.

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

While NZD edged above 0.7300 last week, it is struggling to maintain its momentum and the odds for further extension to 0.7350 are not high. However, only a move below 0.7220 would indicate that the current bullish phase has ended.

USD/JPY: Neutral: Immediate downward bias towards 112.50.

The current sharp decline from last Friday’s 115.37 high does not bode well for USD. While it is too early to expect a sustained down-move, the immediate pressure is on the downside and further weakness towards the major support at 112.50 would not be surprising. Overall, this pair is expected to stay under pressure in the coming unless it can reclaim 114.90.

Source: efxnews.com

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