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PIG TODAY-19.04.2017- Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: Immediate upward pressure towards 1.0770, possibly 1.0825.

The ease of which 1.0700 was taken out was unexpected. This coupled with the strong daily closing clearly indicates that the immediate pressure is on the upside. All in, as long as 1.0635 is intact in the next few days, there is a good chance that the current EUR strength could extend higher to 1.0770, with lower odds for extension to 1.0825.

GBP/USD: Shift from neutral to bullish: Overbought but room for extension to 1.2950.

While we have been anticipating a break above 1.2615 since late last Thursday, the more than 2% rally yesterday was unexpected. The rapid pace of gain appears to be untenable even though there is room for the current GBP strength to extend further towards 1.2950 (overnight high has been 1.2908). Only a move back below 1.2660 would indicate that a temporary top is in place.

AUD/USD: Neutral: Back in a range, likely within 0.7475 and 0.7600.

AUD has likely made a short-term top at 0.7612 on Monday (17/4) and the ‘rebound target’ indicated previously at 0.7630 is not met. This pair has likely moved into a consolidation phase and is expected to trade between 0.7475 and 0.7600 for now. That said, the immediate bias is for a probe lower towards the bottom of the expected consolidation range.

NZD/USD: Neutral: Lower odds for extension to 0.7090.

The 0.7050 ‘rebound target’ that was first highlighted last week was finally exceeded at the time of writing with a high of 0.7053. While there are no signs of weakness just yet, the odds for extension towards the next resistance at 0.7090 are not high. On the downside, only a move below 0.6980 would indicate that a short-term top is in place.

USD/JPY: Bearish: To take partial profit at 108.10/15.

While the bearish phase that started last Wednesday (12/4, spot at 109.65) is still intact, downward momentum is waning rapidly and those who are short should look to book some profit on any dip to 108.10/15 (ahead of the major 108.00 support).

Source: efxnews.com

EUR/USD: Neutral: Immediate upward pressure towards 1.0770, possibly 1.0825.

The ease of which 1.0700 was taken out was unexpected. This coupled with the strong daily closing clearly indicates that the immediate pressure is on the upside. All in, as long as 1.0635 is intact in the next few days, there is a good chance that the current EUR strength could extend higher to 1.0770, with lower odds for extension to 1.0825.

GBP/USD: Shift from neutral to bullish: Overbought but room for extension to 1.2950.

While we have been anticipating a break above 1.2615 since late last Thursday, the more than 2% rally yesterday was unexpected. The rapid pace of gain appears to be untenable even though there is room for the current GBP strength to extend further towards 1.2950 (overnight high has been 1.2908). Only a move back below 1.2660 would indicate that a temporary top is in place.

AUD/USD: Neutral: Back in a range, likely within 0.7475 and 0.7600.

AUD has likely made a short-term top at 0.7612 on Monday (17/4) and the ‘rebound target’ indicated previously at 0.7630 is not met. This pair has likely moved into a consolidation phase and is expected to trade between 0.7475 and 0.7600 for now. That said, the immediate bias is for a probe lower towards the bottom of the expected consolidation range.

NZD/USD: Neutral: Lower odds for extension to 0.7090.

The 0.7050 ‘rebound target’ that was first highlighted last week was finally exceeded at the time of writing with a high of 0.7053. While there are no signs of weakness just yet, the odds for extension towards the next resistance at 0.7090 are not high. On the downside, only a move below 0.6980 would indicate that a short-term top is in place.

USD/JPY: Bearish: To take partial profit at 108.10/15.

While the bearish phase that started last Wednesday (12/4, spot at 109.65) is still intact, downward momentum is waning rapidly and those who are short should look to book some profit on any dip to 108.10/15 (ahead of the major 108.00 support).

Source: efxnews.com

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