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PIG TODAY-09.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

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

While EUR moved above 1.1300 yesterday and touched a high of 1.1326, the up-move was short-lived. As highlighted in recent updates, only a daily closing above 1.1300 would indicate that EUR has entered a bullish phase. That said, the undertone for this pair is still positive and as long as 1.1190 is not taken out in the next few days, the upward pressure would likely continue to increase

GBP/USD: Shift from bullish to neutral: In a 1.3150/1.3450 range.

The bullish phase that started last Friday has ended with the move back below 1.3300 yesterday (low of 1.3282). The current movement is viewed as a consolidation phase and GBP is expected to trade sideways, likely within a broad 1.3150/1.3450 range. From a shorter-term perspective, the immediate bias is tilted to the downside but any decline is expected to slow and a clear break below 1.3150 is not expected at this stage. 1.3400 is a strong resistance ahead of the recent high near 1.3450.

AUD/USD: Bullish: Immediate target of 0.7740.

AUD staged a strong rally yesterday but was unable to move beyond the strong 0.7740 resistance (high was 0.7637). This level is also our immediate target but as highlighted in the Chart of the Day update yesterday, 0.7740/0.7760 is a strong resistance zone and the failure to move above these levels is not exactly surprising. Overall, the outlook for AUD is still deemed as bullish unless the current stop-loss at 0.7585 is taken out

NZD/USD: Bullish: Increasing risk of a short-term top.

The sharp decline in NZD yesterday was unexpected and the overnight low of 0.7384 came very close to our stop-loss at 0.7370. Unless NZD can move and stay above 0.7480 within these 1 to 2 days, a break below 0.7370 would not be surprising. In other words, it is increasingly likely that a short-term top is in place.

USD/JPY: Neutral: In a 100.80/103.20 range.

The recent short-term downward pressure has eased with the strong and rapid rebound yesterday. While the outlook for USD is still deemed as neutral, it is more likely to trade sideways within a broad 100.80/103.20 range instead of extending lower to 100.05 as expected previously.

Source: efxnews.com

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