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PIG TODAY-11.05.2017- Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

EUR/USD: Neutral: In a 1.0800/1.0950 range.

The breach of 1.0900 on Tuesday indicates that EUR has made a short-term at 1.1023. The current movement is viewed as the start of a consolidation phase and EUR is expected to trade sideways for now, likely between 1.0800 and 1.0950.

GBP/USD: Neutral: In a 1.2830/1.3000 range.

GBP tried but once again failed to move clearly above 1.3000 (high of 1.2988 yesterday).

As noted in recent updates, GBP has to close above 1.3000 to indicate that it has moved into a bullish phase. Upward pressure has eased with the weak daily closing yesterday and this pair is likely caught in a 1.2830/1.3000 range for now.

AUD/USD: Bearish: Took partial profit at 0.7335/40.

The partial profit taking level indicated at 0.7335/40 on Monday, 08 May was exceeded. While AUD continues to decline, the combination of lackluster momentum and oversold conditions suggest that the odds for further downmove are not high (next support at 0.7330).

NZD/USD: Shift from neutral to bearish: Over-extended but odds for extension to 0.6770 are not high.

The sharp drop in NZD this morning is clearly not expected. The drop appears to be running ahead of itself and we are not inclined to chase it lower. That said, unless NZD can reclaim 0.6890, the pressure is clearly on the downside even though the odds for extension to the next support near 0.6770 are not high.

USD/JPY: Bullish: Target 114.90 followed by 115.50.

We indicated on Tuesday that a daily closing above 113.50 would shift the outlook for USD to bullish. This condition was met when NY closed at on a very strong note at 113.95 on Tuesday. The target from here is at 114.90 followed by the 115.50 high seen in March.

Source: efxnews.com

EUR/USD: Neutral: In a 1.0800/1.0950 range.

The breach of 1.0900 on Tuesday indicates that EUR has made a short-term at 1.1023. The current movement is viewed as the start of a consolidation phase and EUR is expected to trade sideways for now, likely between 1.0800 and 1.0950.

GBP/USD: Neutral: In a 1.2830/1.3000 range.

GBP tried but once again failed to move clearly above 1.3000 (high of 1.2988 yesterday).

As noted in recent updates, GBP has to close above 1.3000 to indicate that it has moved into a bullish phase. Upward pressure has eased with the weak daily closing yesterday and this pair is likely caught in a 1.2830/1.3000 range for now.

AUD/USD: Bearish: Took partial profit at 0.7335/40.

The partial profit taking level indicated at 0.7335/40 on Monday, 08 May was exceeded. While AUD continues to decline, the combination of lackluster momentum and oversold conditions suggest that the odds for further downmove are not high (next support at 0.7330).

NZD/USD: Shift from neutral to bearish: Over-extended but odds for extension to 0.6770 are not high.

The sharp drop in NZD this morning is clearly not expected. The drop appears to be running ahead of itself and we are not inclined to chase it lower. That said, unless NZD can reclaim 0.6890, the pressure is clearly on the downside even though the odds for extension to the next support near 0.6770 are not high.

USD/JPY: Bullish: Target 114.90 followed by 115.50.

We indicated on Tuesday that a daily closing above 113.50 would shift the outlook for USD to bullish. This condition was met when NY closed at on a very strong note at 113.95 on Tuesday. The target from here is at 114.90 followed by the 115.50 high seen in March.

Source: efxnews.com

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