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PIG TODAY-31.08.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

bull_FXPIG

EUR/USD: Shift from neutral to bearish: Target at 1.1065/70.

The clear break below 1.1160 finally shifted the outlook for EUR to bearish. From here, we have an immediate objective of 1.1065/70. In order to maintain the current momentum, any short-term rebound should not move back above 1.1210.

GBP/USD: Neutral: In a 1.2980/1.3210 range.

We shifted to a neutral stance for GBP yesterday and there is no change to the view. The outlook for the next couple of weeks appears to be neutral and we expect GBP to trade sideways, likely within a broad 1.2980/1.3210 range. That said, the immediate bias is on the downside and the odds for a move to 1.2980 first is higher than a move to 1.3210.

AUD/USD: Bearish: Immediate target of 0.7485.

The bearish phase that started on Monday is still clearly intact and the immediate target highlighted previously at 0.7485 appears to be within reach. A clear break below this level would shift the focus to the next support at 0.7420/25.

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

There is not much to add and we continue to stay bearish NZD and expect a break below the major 0.7170 support. A move below this level would shift the focus towards the 0.7085/90 low seen in early August.

USD/JPY: Bullish: Next target at 104.00.

While we were of the view that USD could continue to advance, the sudden acceleration higher that sliced through the major 102.80 resistance was unexpected. The outlook for USD is still clearly bullish and from here, the target has shifted to 104.00 (falling trend-line resistance & the minor low in late July).

Source: efxnews.com

bull_FXPIG

EUR/USD: Shift from neutral to bearish: Target at 1.1065/70.

The clear break below 1.1160 finally shifted the outlook for EUR to bearish. From here, we have an immediate objective of 1.1065/70. In order to maintain the current momentum, any short-term rebound should not move back above 1.1210.

GBP/USD: Neutral: In a 1.2980/1.3210 range.

We shifted to a neutral stance for GBP yesterday and there is no change to the view. The outlook for the next couple of weeks appears to be neutral and we expect GBP to trade sideways, likely within a broad 1.2980/1.3210 range. That said, the immediate bias is on the downside and the odds for a move to 1.2980 first is higher than a move to 1.3210.

AUD/USD: Bearish: Immediate target of 0.7485.

The bearish phase that started on Monday is still clearly intact and the immediate target highlighted previously at 0.7485 appears to be within reach. A clear break below this level would shift the focus to the next support at 0.7420/25.

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

There is not much to add and we continue to stay bearish NZD and expect a break below the major 0.7170 support. A move below this level would shift the focus towards the 0.7085/90 low seen in early August.

USD/JPY: Bullish: Next target at 104.00.

While we were of the view that USD could continue to advance, the sudden acceleration higher that sliced through the major 102.80 resistance was unexpected. The outlook for USD is still clearly bullish and from here, the target has shifted to 104.00 (falling trend-line resistance & the minor low in late July).

Source: efxnews.com

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