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PIG TODAY-18.04.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: In a 1.0555/1.0700 range.

There is not much to add as EUR rebounded quickly after hitting a low of 1.0600 yesterday. Indicators are mostly flat and we continue to expect this pair to trade between 1.0555 and 1.0700, at least for another few more day.

GBP/USD: Neutral: Anticipating a break above 1.2615.

We have held the same view since last Thursday wherein we expect the rebound from the 1.2365 low to move above the March’s high of 1.2615. The overnight high has been 1.2595 and despite the pull-back from the high, the undertone is still positive and a move above 1.2615 still seems likely. However, the next resistance at 1.2706 (Feb’s high) is likely out of reach (minor resistance at 1.2650). On the downside, only a move back below 1.2480 would indicate that the immediate upward pressure has eased.

AUD/USD: Neutral: Diminished odds for a move towards 0.7630.

AUD registered a high of 0.7612 yesterday, holding below the ‘rebound target’ of 0.7630. The swift and rapid pull-back from the high has dented the upward momentum and while another push higher towards 0.7630 is not ruled out, the odds for such a move have diminished. On the downside, a break below 0.7530 would indicate that a temporary top is in place.

NZD/USD: Neutral: Short-term low in place, rebound to extend to 0.7050.

While NZD continues its rebound, the overnight high of 0.7036 fell short of the target at 0.7050. However, the undertone is still positive and another leg higher towards 0.7050 still seems likely. Only a move below 0.6950 would indicate that the current positive undertone has eased.

USD/JPY: Bearish: Diminished odds for a move to 108.00.

The sudden swing higher ahead of the major 108.00 level (low of 108.11) was unexpected. While the stop-loss for the bearish view at 109.30 is still intact, a move above this level would not be surprising. USD has to move and stay below 108.75 within these 1 to 2 days or the odds for another leg lower towards 108.00 would continue to diminish.

Source: efxnews.com

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