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PIG TODAY-30.08.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

RICH PIG_FXPIG

 

EUR/USD: Neutral: Increased downside risk but bearish only if below 1.1160.

As highlighted yesterday, while the short-term risk is on the downside, we prefer to see a clear break below 1.1160 before turning bearish. EUR dipped to a low of 1.1156 but rebounded quickly. However, the undertone remains weak and unless EUR can move and stay above 1.1240, the predominating risk is still on the downside.

GBP/USD: Shift from bullish to neutral: In a 1.2980/1.3210 range.

The drop back below 1.3100 yesterday indicates that our recent expectation for GBP to extend higher to 1.3370 was wrong. From here, the outlook for GBP is deemed as neutral and we expect to see broad range trading, likely within a 1.2980/1.3210 range.

AUD/USD: Bearish: Immediate target of 0.7485.

There is no change to the view wherein we expected the sharp drop in AUD from last Friday to extend lower towards 0.7485. Strong resistance is at 0.7610 but only a move above 0.7630 would indicate that our bearish expectation is wrong.

NZD/USD: Bearish: Target a break below 0.7170.

There is no change to the current bearish NZD view and from here, we continue to expect to see further down-move towards 0.7170. Stop-loss remains unchanged 0.7310.

USD/JPY: Bullish: Upside likely limited to 102.80.

As highlighted yesterday, while the outlook for USD has shifted to bullish, it is likely that we have seen a chunk of the USD strength last Friday and from there, the upside potential appears to be limited to 102.80. Overall, only a move back below the stop-loss at 101.00 would indicate that a shortterm top is in place.

Source: efxnews.com

RICH PIG_FXPIG

 

EUR/USD: Neutral: Increased downside risk but bearish only if below 1.1160.

As highlighted yesterday, while the short-term risk is on the downside, we prefer to see a clear break below 1.1160 before turning bearish. EUR dipped to a low of 1.1156 but rebounded quickly. However, the undertone remains weak and unless EUR can move and stay above 1.1240, the predominating risk is still on the downside.

GBP/USD: Shift from bullish to neutral: In a 1.2980/1.3210 range.

The drop back below 1.3100 yesterday indicates that our recent expectation for GBP to extend higher to 1.3370 was wrong. From here, the outlook for GBP is deemed as neutral and we expect to see broad range trading, likely within a 1.2980/1.3210 range.

AUD/USD: Bearish: Immediate target of 0.7485.

There is no change to the view wherein we expected the sharp drop in AUD from last Friday to extend lower towards 0.7485. Strong resistance is at 0.7610 but only a move above 0.7630 would indicate that our bearish expectation is wrong.

NZD/USD: Bearish: Target a break below 0.7170.

There is no change to the current bearish NZD view and from here, we continue to expect to see further down-move towards 0.7170. Stop-loss remains unchanged 0.7310.

USD/JPY: Bullish: Upside likely limited to 102.80.

As highlighted yesterday, while the outlook for USD has shifted to bullish, it is likely that we have seen a chunk of the USD strength last Friday and from there, the upside potential appears to be limited to 102.80. Overall, only a move back below the stop-loss at 101.00 would indicate that a shortterm top is in place.

Source: efxnews.com

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