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PIG TODAY-23.02.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Immediate downward pressure, room to extend to 1.0450/55.

EUR hit a lot of 1.0492 yesterday before rebounding quickly. We highlighted the patchy downward momentum and the price action was not surprising. The recovery indicates that the downward pressure has waned somewhat but as long as 1.0620 is intact, there is still room for another leg lower towards 1.0450/55. That said, this is likely only after the completion of the current short-term ‘consolidation/correction’ phase (which could last for a couple of days).

GBP/USD: Neutral: Back in range; likely within 1.2400/1.2580.

GBP took a peek above 1.2500 yesterday but got sold off quickly from a high of 1.2509. While lacking in momentum, the pull-back appears to have scope to move below the bottom of the expected 1.2400/1.2580 consolidation range but a sustained down-move is unlikely (next level at 1.2350 is a major support and is not expected to yield so easily). All in, the outlook is unclear and the recent whippy trading could persist for a while more.

AUD/USD: Bullish: To shift to neutral unless NY closing above 0.7710.

We indicated yesterday that the odds for a move towards 0.7775/80 would continue to diminish unless AUD can move and stay above 0.7710. AUD briefly touched 0.7714 during NY session but the up-move was clearly lacking in momentum. From here, we would shift to a neutral stance unless there is a daily closing above 0.7710 by end of today’s NY close.

NZD/USD: Neutral: Still neutral but likely in a lower 0.7100/0.7260 range.

There is no not much to add; indicators are mostly neutral and the current movement is still viewed as part of a consolidation phase, likely between 0.7100 and 0.7260 (with a slight bias towards the downside).

USD/JPY: Neutral: In a 112.30/114.50 range.

USD is not going anywhere for the moment and the 112.30/114.50 consolidation range that was first highlighted last Friday is still intact. Indicators are mostly flat and at this stage, there is no pre-indication on the direction of the next sustained move.

Source: efxnews.com

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