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PIG TODAY-13.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: In a 1.1150/1.1330 range.

The recent build-up in momentum fizzled out quickly as EUR pulled back after failing to stay above the 1.1300 resistance. The neutral phase that started early last week is still intact and we expect this pair to continue to trade listlessly, likely between 1.1150 and 1.1330.

GBP/USD: Neutral: In a 1.3200/1.3450 range.

GBP dipped to a low of 1.3235 yesterday but rebounded quickly. The neutral outlook that started last Friday is still intact and further sideway trading is expected, likely within a 1.3200/1.3450 range instead of the 1.3150/1.3450 expected previously.

AUD/USD: Neutral: Pull-back has scope to extend lower to 0.7460.

The unexpected sharp drop in AUD touched a low of 0.7494 yesterday. Despite the strong bounce from the low, the undertone is still weak and the pull-back has scope to extend further to 0.7460. At this stage, a clear break below this level is not expected. Overall, AUD is expected to stay under pressure unless it can reclaim 0.7630 within the next few days.

NZD/USD: Neutral: Pull-back could extend lower to 0.7250.

The unexpected sharp pull-back from the high of 0.7485 last week appears incomplete. Further down-move seems likely but at this stage, any decline is not expected to move significantly below 0.7250. Resistance is at 0.7380 but only a move above 0.7415 would indicate that the current downward pressure has eased.

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

USD rose strongly to a high of 103.05 last Friday before dropping rapidly to current level. The choppy swings have resulted in a mixed outlook and for now, we continue to hold a neutral stance for USD and expect further choppy trading, likely within a broad 100.80/103.20 range.

Source: efxnews.com

EUR/USD: Neutral: In a 1.1150/1.1330 range.

The recent build-up in momentum fizzled out quickly as EUR pulled back after failing to stay above the 1.1300 resistance. The neutral phase that started early last week is still intact and we expect this pair to continue to trade listlessly, likely between 1.1150 and 1.1330.

GBP/USD: Neutral: In a 1.3200/1.3450 range.

GBP dipped to a low of 1.3235 yesterday but rebounded quickly. The neutral outlook that started last Friday is still intact and further sideway trading is expected, likely within a 1.3200/1.3450 range instead of the 1.3150/1.3450 expected previously.

AUD/USD: Neutral: Pull-back has scope to extend lower to 0.7460.

The unexpected sharp drop in AUD touched a low of 0.7494 yesterday. Despite the strong bounce from the low, the undertone is still weak and the pull-back has scope to extend further to 0.7460. At this stage, a clear break below this level is not expected. Overall, AUD is expected to stay under pressure unless it can reclaim 0.7630 within the next few days.

NZD/USD: Neutral: Pull-back could extend lower to 0.7250.

The unexpected sharp pull-back from the high of 0.7485 last week appears incomplete. Further down-move seems likely but at this stage, any decline is not expected to move significantly below 0.7250. Resistance is at 0.7380 but only a move above 0.7415 would indicate that the current downward pressure has eased.

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

USD rose strongly to a high of 103.05 last Friday before dropping rapidly to current level. The choppy swings have resulted in a mixed outlook and for now, we continue to hold a neutral stance for USD and expect further choppy trading, likely within a broad 100.80/103.20 range.

Source: efxnews.com

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