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PIG TODAY-14.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

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

Despite the generally strong USD performance elsewhere, EUR traded within a relatively narrow range of 1.1200/1.1259 yesterday. At this stage, there is no reason to change our neutral view even though the bias is for EUR to move lower to test 1.1150 first (the low end of our expected 1.1150/1.1330 sideway trading range)

GBP/USD: Shift from neutral to bearish: Target a move to 1.3060.

The sudden break below 1.3200 (minor trend-line support) coupled with the weak daily closing suggests the start of a sustained down-move in GBP. The immediate target is for a move to the late August low of 1.3060. On the upside, 1.3260 is likely strong enough to hold any short-term rebound but only a break above 1.3340 would indicate that our bearish expectation is wrong

AUD/USD: Shift from neutral to bearish: Decline over-extended but room for further extension to 0.7420.

The anticipated weakness in AUD expected our expectation by easily taking out the 0.7460 support (overnight low of 0.7443). While the outlook has shifted to bearish, the rapid decline that started late last week appears to be overextended. That said, further extension to 0.7420 would not be surprising. In order to maintain the current momentum, short-term rebound should not move back above 0.7560 even though 0.7510 is already a strong short-term resistance.

NZD/USD: Shift from neutral to bearish: Downside likely limited to 0.7200.

While we anticipated a deeper pull-back to 0.7250, the rapid pace of the decline was unexpected (overnight low of 0.7235). The neutral outlook has shifted to bearish but in view of the sharp drop over the past few trading days, any further down-move is expected to encounter solid support at 0.7200/05, the low in late August. Overall, only a move above 0.7340 would indicate that the current bearish phase in NZD has ended.

USD/JPY: Neutral: Bullish if daily closing above 103.30.

While the undertone for USD has improved considerably, we prefer to see a daily closing above 103.30 (trend-line resistance) before turning bullish. This appears to be a likely scenario unless there is a move back below 102.00 in the next few days.

Source: efxnews.com

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

Despite the generally strong USD performance elsewhere, EUR traded within a relatively narrow range of 1.1200/1.1259 yesterday. At this stage, there is no reason to change our neutral view even though the bias is for EUR to move lower to test 1.1150 first (the low end of our expected 1.1150/1.1330 sideway trading range)

GBP/USD: Shift from neutral to bearish: Target a move to 1.3060.

The sudden break below 1.3200 (minor trend-line support) coupled with the weak daily closing suggests the start of a sustained down-move in GBP. The immediate target is for a move to the late August low of 1.3060. On the upside, 1.3260 is likely strong enough to hold any short-term rebound but only a break above 1.3340 would indicate that our bearish expectation is wrong

AUD/USD: Shift from neutral to bearish: Decline over-extended but room for further extension to 0.7420.

The anticipated weakness in AUD expected our expectation by easily taking out the 0.7460 support (overnight low of 0.7443). While the outlook has shifted to bearish, the rapid decline that started late last week appears to be overextended. That said, further extension to 0.7420 would not be surprising. In order to maintain the current momentum, short-term rebound should not move back above 0.7560 even though 0.7510 is already a strong short-term resistance.

NZD/USD: Shift from neutral to bearish: Downside likely limited to 0.7200.

While we anticipated a deeper pull-back to 0.7250, the rapid pace of the decline was unexpected (overnight low of 0.7235). The neutral outlook has shifted to bearish but in view of the sharp drop over the past few trading days, any further down-move is expected to encounter solid support at 0.7200/05, the low in late August. Overall, only a move above 0.7340 would indicate that the current bearish phase in NZD has ended.

USD/JPY: Neutral: Bullish if daily closing above 103.30.

While the undertone for USD has improved considerably, we prefer to see a daily closing above 103.30 (trend-line resistance) before turning bullish. This appears to be a likely scenario unless there is a move back below 102.00 in the next few days.

Source: efxnews.com

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