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PIG TODAY-06.04.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

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

EUR eked out a ‘fresh low’ of 1.0632 yesterday before staging another quick rebound. Downward momentum continues to ease and it is getting increasingly likely that this pair is trying to form a short-term low. That said, confirmation is only upon a move above 1.0730. Until then, another leg lower to test the major 1.0595 support could not be ruled out just yet.

GBP/USD: Neutral: In a 1.2350/1.2580 range.

Despite the rapid recovery yesterday, the current movement is still viewed as part of a broad 1.2350/1.2580 consolidation range (roughly within the past fortnight range). At this stage, there is no pre-indication that GBP is ready to move out of this range.

AUD/USD: Neutral: Immediate downward pressure towards 0.7490.

As highlighted in the Chart of the Update yesterday, the immediate pressure is still on the downside towards 0.7490. This is a major level and at this stage, a sustained move below this level is not expected (0.7520 is already a strong support). Only a move back above 0.7620 would indicate that a short-term low is in place.

NZD/USD: Neutral: A sustained move below 0.6950 is unlikely.

NZD dipped below 0.6950 yesterday and hit a low of 0.6940. However, as expected, the weakness was not sustained as NZD rebounded quickly to a high of 0.6987. From here, a retest of 0.6940 would not be surprising but based on the current patchy momentum; a sustained down-move still seems unlikely. That said, the downward pressure would continue to increase unless NZD can reclaim 0.7020.

USD/JPY: Neutral: In a 110.00/112.20 range.

We indicated yesterday that “as long as 111.50 is intact, another push lower towards 110.00 is not ruled out but at this stage, we do not expect a sustained break below this level”. USD touched an overnight high of 111.44 before dropping sharply to current level of 110.45. The downside still appears to be more vulnerable but the odds for a sustained break below 110.00 are not high. On the upside, USD has to move above 111.50 to indicate that a move towards the top-end of the expected 110.00/112.20 consolidation range has started (within an overall broad range).

Source: efxnews.com

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

EUR eked out a ‘fresh low’ of 1.0632 yesterday before staging another quick rebound. Downward momentum continues to ease and it is getting increasingly likely that this pair is trying to form a short-term low. That said, confirmation is only upon a move above 1.0730. Until then, another leg lower to test the major 1.0595 support could not be ruled out just yet.

GBP/USD: Neutral: In a 1.2350/1.2580 range.

Despite the rapid recovery yesterday, the current movement is still viewed as part of a broad 1.2350/1.2580 consolidation range (roughly within the past fortnight range). At this stage, there is no pre-indication that GBP is ready to move out of this range.

AUD/USD: Neutral: Immediate downward pressure towards 0.7490.

As highlighted in the Chart of the Update yesterday, the immediate pressure is still on the downside towards 0.7490. This is a major level and at this stage, a sustained move below this level is not expected (0.7520 is already a strong support). Only a move back above 0.7620 would indicate that a short-term low is in place.

NZD/USD: Neutral: A sustained move below 0.6950 is unlikely.

NZD dipped below 0.6950 yesterday and hit a low of 0.6940. However, as expected, the weakness was not sustained as NZD rebounded quickly to a high of 0.6987. From here, a retest of 0.6940 would not be surprising but based on the current patchy momentum; a sustained down-move still seems unlikely. That said, the downward pressure would continue to increase unless NZD can reclaim 0.7020.

USD/JPY: Neutral: In a 110.00/112.20 range.

We indicated yesterday that “as long as 111.50 is intact, another push lower towards 110.00 is not ruled out but at this stage, we do not expect a sustained break below this level”. USD touched an overnight high of 111.44 before dropping sharply to current level of 110.45. The downside still appears to be more vulnerable but the odds for a sustained break below 110.00 are not high. On the upside, USD has to move above 111.50 to indicate that a move towards the top-end of the expected 110.00/112.20 consolidation range has started (within an overall broad range).

Source: efxnews.com

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