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PIG TODAY-21.03.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Recovery to extend to 1.0825/30.

EUR closed largely unchanged yesterday and there is no change to our view wherein we expect the current recovery to extend towards 1.0825/30. This level is the year-to-date high and is a solid resistance and is not expected to yield so easily (next resistance is at the December’s high of 1.0870/75). Only a move back below 1.0670 would indicate that the immediate upward pressure has eased.

GBP/USD: Bullish: Immediate target of 1.2500.

GBP hit a high of 1.2436 before tumbling to hit a low of 1.2436. Despite the rather weak close, the bullish phase that started yesterday is still intact and we continue to anticipate a move higher towards 1.2500. That said, 1.2440/50 is rather strong resistance (top of Ichimoku cloud as well declining trend-line) and it may take a couple of days before we see a clear break above this level.

AUD/USD: Neutral: Bullish only if daily closing above 0.7740.

AUD edged above the year-to-date high of 0.7741 yesterday (high of 0.7748) before easing off to close below this key resistance. While the undertone is still positive, AUD has to close above this level to indicate that a move towards 0.7800 (and possibly beyond) has started. This appears to be a likely scenario unless there is a drop back below 0.7630. On a shorter-term note, 0.7665 is already a strong support.

NZD/USD: Neutral: Scope for extension to 0.7085.

We have held the same view since last Thursday wherein we expect the strong post-FOMC surge to extend higher to 0.7085. This level is near the declining trend-line and is a strong resistance and it is too early to expect a sustained break above this level (next resistance is at 0.7130). Overall, NZD is expected to stay underpinned in the coming days unless there is a drop back below 0.6990.

USD/JPY: Neutral: Extension lower unlikely to have enough momentum to reach 111.65/70.

While USD ekedd out a ‘fresh low’ of 112.44 yesterday, downward momentum is patchy at best and we continue to doubt the current decline can extend towards the major 111.65/70 support. That said, only a move back above 113.50 would indicate that the current negative undertone has eased.

Source: efxnews.com

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