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PIG TODAY-06.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: In a 1.1080/1.1260 range.

We shifted to neutral stance yesterday and there is no change to the view. The current movement in EUR is viewed as part of a consolidation phase and only a clear break out of the expected 1.1080/1.1260 range would indicate the start of a sustained directional move.

GBP/USD: Bullish: Target at 1.3370/75 met. Low odds for extension to 1.3480.

The 1.3370/75 bullish target that was first highlighted last Friday was briefly exceeded as GBP spiked to a high of 1.3376 yesterday. As indicated previously, this is a major resistance and may not be easy to break. At this stage, the down-move from the high is deemed as a corrective pullback and as long as 1.3200 is intact, another attempt to move clearly above 1.3375 seems likely. That said, the odds for further extension towards the next resistance at 1.3480 are not high.

AUD/USD: Neutral: In a 0.7500/0.7660 range.

We shifted from bearish to neutral AUD yesterday and there is no change to the view. However, the rebound from the low is gaining momentum quickly and could extend higher in the coming days but 0.7660 is a very strong resistance and only a clear break above this level would indicate the start of a bullish phase. Support is at 0.7540 ahead of 0.7500.

NZD/USD: Neutral: In a 0.7240/0.7380 range.

As highlighted yesterday, while short-term momentum has improved, only a clear break above 0.7380 would indicate the start of a sustained up-move in NZD. Overall, the outlook is deemed as neutral for now even though the upward pressure would continue to grow unless there is a move back below 0.7240.

USD/JPY: Bullish: Lower odds for further extension to 104.70.

While the bullish phase that started last Monday is still intact, the USD rally over the past week is clearly overstretched and the odds for further extension to 104.70 are not high (last Friday 104.30 high is already acting as a very strong resistance). However, only a break below 102.60 would indicate that the bullish phase has ended.

Source: efxnews.com

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