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PIG TODAY-12.04.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Diminished odds for extension lower.

Despite the overall negative undertone, EUR has been unable to make much headway on the downside. The recent downward pressure is easing and the odds for extension towards 1.0525 have diminished. That said, only a break above 1.0665 would indicate that a short-term low is in place. Until then, another push lower is not ruled out just yet even though time is not on the side of those looking for extension lower.

GBP/USD: Neutral: In 1.2400/1.2580 range.

Our recent expectation for GBP to extend lower to 1.2285 is proven wrong as the break of the strong 1.2460 resistance led to a sharp rise to an overnight high of 1.2495. The upmove is viewed as part of a broader consolidation phase even though the immediate bias is for a probe towards the top of the expected 1.2400/1.2580 range.

AUD/USD: Neutral: Extension towards 0.7450 seems likely.

While downward momentum is waning, it is too early to expect a short-term low. Until 0.7550 is taken out, there is still scope for the current AUD weakness to extend lower to test the strong 0.7450 support.

NZD/USD: Neutral: Immediate downward pressure towards 0.6900, with lower odds for extension to 0.6863. [No change in view]

Despite the strong bounce from a low of 0.6921 yesterday, it is too early to call for a short-term low. As long as 0.6995 is intact, another leg lower to test the major 0.6900 support still seems likely. The next support at 0.6863 (low in December last year) is likely out of reach for now.

USD/JPY: Shift from neutral to bearish: Oversold but room for extension to 108.60.

The sudden break below 110.00 yesterday was clearly unexpected. The sharp decline appears to be running ahead of itself but there is room for further extension to 108.60. In order to maintain the current momentum, any short-term rebound should not move back above 110.65. On a shorter term basis, 110.05/10 is already a strong resistance.

Source: efxnews.com

EUR/USD: Neutral: Diminished odds for extension lower.

Despite the overall negative undertone, EUR has been unable to make much headway on the downside. The recent downward pressure is easing and the odds for extension towards 1.0525 have diminished. That said, only a break above 1.0665 would indicate that a short-term low is in place. Until then, another push lower is not ruled out just yet even though time is not on the side of those looking for extension lower.

GBP/USD: Neutral: In 1.2400/1.2580 range.

Our recent expectation for GBP to extend lower to 1.2285 is proven wrong as the break of the strong 1.2460 resistance led to a sharp rise to an overnight high of 1.2495. The upmove is viewed as part of a broader consolidation phase even though the immediate bias is for a probe towards the top of the expected 1.2400/1.2580 range.

AUD/USD: Neutral: Extension towards 0.7450 seems likely.

While downward momentum is waning, it is too early to expect a short-term low. Until 0.7550 is taken out, there is still scope for the current AUD weakness to extend lower to test the strong 0.7450 support.

NZD/USD: Neutral: Immediate downward pressure towards 0.6900, with lower odds for extension to 0.6863. [No change in view]

Despite the strong bounce from a low of 0.6921 yesterday, it is too early to call for a short-term low. As long as 0.6995 is intact, another leg lower to test the major 0.6900 support still seems likely. The next support at 0.6863 (low in December last year) is likely out of reach for now.

USD/JPY: Shift from neutral to bearish: Oversold but room for extension to 108.60.

The sudden break below 110.00 yesterday was clearly unexpected. The sharp decline appears to be running ahead of itself but there is room for further extension to 108.60. In order to maintain the current momentum, any short-term rebound should not move back above 110.65. On a shorter term basis, 110.05/10 is already a strong resistance.

Source: efxnews.com

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