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PIG TODAY-08.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

 

EUR/USD: Neutral: Bullish only if daily closing above 1.1300.

As highlighted yesterday, despite the improved undertone, EUR has to move clearly above the major 1.1300 resistance before a sustained up-move can be expected. Overall, EUR is expected to stay underpinned in the next few days as long as the solid support at 1.1150 is not taken out.

GBP/USD: Bullish: Risk of a short-term top has increased.

While we highlighted the waning upward momentum yesterday, the sharp and rapid drop to a low of 1.3320 was unexpected. Unless GBP can move and stay above 1.3400 within these 1 to 2 days, the risk of a shortterm top would continue to increase.

AUD/USD: Bullish: Immediate target of 0.7740.

The break of the minor trend-line resistance is accompanied by daily MACD crossing into positive territory. This set-up suggests that AUD has likely found a base at the 0.7490 low last week. While upward momentum is not very strong at this stage, there is a good chance that we could see a move higher towards 0.7740. 0.7740/0.7760 is a strong resistance zone and a clear break above these levels would be a strong indication that a move towards (and possibly beyond) the April’s high of 0.7836 has started. On a shorter-term note, overbought indicators may lead to 1 to 2 days of consolidation first but as long as 0.7585 is not take out, we would maintain our bullish expectation for AUD.

NZD/USD: Bullish: Rally incomplete but lower odds for extension to 0.7530.

The 0.7460 target indicated yesterday was quickly exceeded as NZD continues with its impressive advance over the last few days. The rally appears incomplete but severely overbought conditions suggest that the odds for further extension to 0.7530 are not high. That said, the outlook for this pair is considered as bullish until 0.7370 is take out.

USD/JPY: Neutral: Pull-back has scope to extend lower to 100.05.

The neutral phase that started yesterday is still intact. We continue to view the current movement as a corrective pullback that has scope to extend lower towards the major 100.05 support (this is a major support and a clear break below this level is not expected). Only a move back above 102.80 would indicate that the short-term downward pressure has eased.

Source: efxnews.com

 

EUR/USD: Neutral: Bullish only if daily closing above 1.1300.

As highlighted yesterday, despite the improved undertone, EUR has to move clearly above the major 1.1300 resistance before a sustained up-move can be expected. Overall, EUR is expected to stay underpinned in the next few days as long as the solid support at 1.1150 is not taken out.

GBP/USD: Bullish: Risk of a short-term top has increased.

While we highlighted the waning upward momentum yesterday, the sharp and rapid drop to a low of 1.3320 was unexpected. Unless GBP can move and stay above 1.3400 within these 1 to 2 days, the risk of a shortterm top would continue to increase.

AUD/USD: Bullish: Immediate target of 0.7740.

The break of the minor trend-line resistance is accompanied by daily MACD crossing into positive territory. This set-up suggests that AUD has likely found a base at the 0.7490 low last week. While upward momentum is not very strong at this stage, there is a good chance that we could see a move higher towards 0.7740. 0.7740/0.7760 is a strong resistance zone and a clear break above these levels would be a strong indication that a move towards (and possibly beyond) the April’s high of 0.7836 has started. On a shorter-term note, overbought indicators may lead to 1 to 2 days of consolidation first but as long as 0.7585 is not take out, we would maintain our bullish expectation for AUD.

NZD/USD: Bullish: Rally incomplete but lower odds for extension to 0.7530.

The 0.7460 target indicated yesterday was quickly exceeded as NZD continues with its impressive advance over the last few days. The rally appears incomplete but severely overbought conditions suggest that the odds for further extension to 0.7530 are not high. That said, the outlook for this pair is considered as bullish until 0.7370 is take out.

USD/JPY: Neutral: Pull-back has scope to extend lower to 100.05.

The neutral phase that started yesterday is still intact. We continue to view the current movement as a corrective pullback that has scope to extend lower towards the major 100.05 support (this is a major support and a clear break below this level is not expected). Only a move back above 102.80 would indicate that the short-term downward pressure has eased.

Source: efxnews.com

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