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PIG TODAY-19.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, USD/JPY - UOB

EUR/USD: Shift from neutral to bearish: Expect solid support at 1.1100.

The unexpected sharp drop last Friday coupled the weak daily and weekly closing has shifted the outlook for EUR to bearish. That said, the price action seems to be similar to that in late August where the sharp decline in a single day extended lower but the down-move was quickly reversed a few days later. From here, we expect any weakness in EUR to encounter solid support at 1.1100. In order to maintain the current bearish momentum, any short-term rebound should not move above 1.1240 (1.1200 is already a strong short-term resistance).

GBP/USD: Bearish: Oversold but room for extension to 1.2930.

The 1.3060 target that was first highlighted last Wednesday (14/9/16) was exceeded as GBP plunged to a low of 1.2996 on Friday. The down-move is clearly oversold but impulsive downward momentum suggests that the current decline could extend further to 1.2930. Strong resistance is at 1.3100 but only a break of 1.3170 would indicate that the bearish phase has ended.

AUD/USD: Bearish: Diminished odds for extension to lower.

After dropping to a low of 0.7443 last Tuesday (13/9/16), AUD has rebounded and traded mostly sideways. Downward momentum has eased and unless AUD can move clearly below 0.7460 within these 1 to 2 days, the odds for the current bearish phase to extend lower to 0.7420 would diminish quickly.

USD/JPY: Neutral: In a 101.20/103.30 range. [No change in view]

The neutral phase that started last Wednesday (7/9//16) is still intact as USD continues to choppily within a broad range. We prefer to stay neutral for now and expect further choppy sideway trading in the coming days, likely within a broad 101.20/103.30 range.

Source:efxnews.com

EUR/USD: Shift from neutral to bearish: Expect solid support at 1.1100.

The unexpected sharp drop last Friday coupled the weak daily and weekly closing has shifted the outlook for EUR to bearish. That said, the price action seems to be similar to that in late August where the sharp decline in a single day extended lower but the down-move was quickly reversed a few days later. From here, we expect any weakness in EUR to encounter solid support at 1.1100. In order to maintain the current bearish momentum, any short-term rebound should not move above 1.1240 (1.1200 is already a strong short-term resistance).

GBP/USD: Bearish: Oversold but room for extension to 1.2930.

The 1.3060 target that was first highlighted last Wednesday (14/9/16) was exceeded as GBP plunged to a low of 1.2996 on Friday. The down-move is clearly oversold but impulsive downward momentum suggests that the current decline could extend further to 1.2930. Strong resistance is at 1.3100 but only a break of 1.3170 would indicate that the bearish phase has ended.

AUD/USD: Bearish: Diminished odds for extension to lower.

After dropping to a low of 0.7443 last Tuesday (13/9/16), AUD has rebounded and traded mostly sideways. Downward momentum has eased and unless AUD can move clearly below 0.7460 within these 1 to 2 days, the odds for the current bearish phase to extend lower to 0.7420 would diminish quickly.

USD/JPY: Neutral: In a 101.20/103.30 range. [No change in view]

The neutral phase that started last Wednesday (7/9//16) is still intact as USD continues to choppily within a broad range. We prefer to stay neutral for now and expect further choppy sideway trading in the coming days, likely within a broad 101.20/103.30 range.

Source:efxnews.com

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