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PIG TODAY-02.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Increasing risk of short-term low.

The unexpected strong recovery yesterday has clearly increased the risk of a short-term low. A move above 1.1210 would indicate the start of a neutral consolidation phase, likely between 1.1120 and 1.1280. Only a clear break below the major 1.1120 support would indicate that the next leg lower has started.

GBP/USD: Shift from neutral to bullish: Target 1.3370/75.

The sudden surge higher in GBP is clearly not expected. Strong upward momentum coupled with the breach of major resistances has shifted the outlook to bullish again. However, July’s peak of 1.3370/75 is another major resistance and this level may not be easy to crack. Support is at 1.3180 but only a move below 1.3130 would indicate that our bullish expectation is wrong.

AUD/USD: Bearish: To take partial profit at 0.7485.

AUD rebounded quickly after coming close to the immediate target of 0.7485 (low of 0.7490 on Wednesday). Downward momentum is showing signs of slowing and the prospect for a sustained move below 0.7485 has dimmed. Those who are short should look to book partial profit on any move to 0.7485/90.

NZD/USD: Bearish: Increasing risk of a short-term low.

The rebound from the 0.7204 low on Tuesday has been more resilient than expected. While the 0.7310 stop-loss is still intact, it is getting increasingly likely that NZD is trying to form a short-term base. Unless there is a drop below 0.7200 within these 1 to 2 days, a break above 0.7310 appears to be a likely scenario.

USD/JPY: 104.00 target met but diminished odds for further USD strength.

The revised 104.00 was met yesterday but the subsequent sharp drop has clearly dented the recent upward momentum. While the outlook is still deemed as bullish, USD has to punch through 104.00 soon as a prolonged consolidation below this level would lead to a rapid loss in momentum. Support is at 102.70 but only a break below 102.00 would indicate that the bullish phase has ended.

Source: efxnews.com

EUR/USD: Increasing risk of short-term low.

The unexpected strong recovery yesterday has clearly increased the risk of a short-term low. A move above 1.1210 would indicate the start of a neutral consolidation phase, likely between 1.1120 and 1.1280. Only a clear break below the major 1.1120 support would indicate that the next leg lower has started.

GBP/USD: Shift from neutral to bullish: Target 1.3370/75.

The sudden surge higher in GBP is clearly not expected. Strong upward momentum coupled with the breach of major resistances has shifted the outlook to bullish again. However, July’s peak of 1.3370/75 is another major resistance and this level may not be easy to crack. Support is at 1.3180 but only a move below 1.3130 would indicate that our bullish expectation is wrong.

AUD/USD: Bearish: To take partial profit at 0.7485.

AUD rebounded quickly after coming close to the immediate target of 0.7485 (low of 0.7490 on Wednesday). Downward momentum is showing signs of slowing and the prospect for a sustained move below 0.7485 has dimmed. Those who are short should look to book partial profit on any move to 0.7485/90.

NZD/USD: Bearish: Increasing risk of a short-term low.

The rebound from the 0.7204 low on Tuesday has been more resilient than expected. While the 0.7310 stop-loss is still intact, it is getting increasingly likely that NZD is trying to form a short-term base. Unless there is a drop below 0.7200 within these 1 to 2 days, a break above 0.7310 appears to be a likely scenario.

USD/JPY: 104.00 target met but diminished odds for further USD strength.

The revised 104.00 was met yesterday but the subsequent sharp drop has clearly dented the recent upward momentum. While the outlook is still deemed as bullish, USD has to punch through 104.00 soon as a prolonged consolidation below this level would lead to a rapid loss in momentum. Support is at 102.70 but only a break below 102.00 would indicate that the bullish phase has ended.

Source: efxnews.com

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