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PIG TODAY-26.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

EUR/USD: Neutral: In a 1.1120/1.1290 range.

EUR traded in a range of less than 50 pips last Friday, between 1.1191 and 1.1240. The outlook is still clearly neutral and we continue to expect this pair to trade sideways within a 1.1120/1.1290 range for now.

GBP/USD: Bearish: Extension likely limited to 1.2865.

GBP staged a rapid and abrupt turnaround last Friday and dropped below the revised target of 1.2930 (low of 1.2915). While the outlook is still viewed as bearish, any further extension is likely limited to the next major support at 1.2865 (low in August). That said, the current bearish phase is intact until 1.3060 is taken out.

AUD/USD: Neutral: Bullish if daily closing above 0.7675.

As highlighted in the Chart of the Day update last Friday, the undertone for AUD is positive but only a clear break above 0.7675 would indicate the start of a bullish phase. For now, as long as 0.7560 is intact, the prospect of a move above 0.7675 still appears to be quite good.

NZD/USD: Neutral: Bearish if daily closing below 0.7200.

The rapid and sharp drop in NZD last Friday has clearly resulted in a weak undertone. However, we prefer to see a daily closing below 0.7200 before turning bearish (with an immediate target of 0.7135/40). This appears to be a likely scenario unless this pair can move and stay above 0.7275 within these 1 to 2 days.

USD/JPY: Bearish: Extremely oversold but room for extension to 99.50/55.

The current movement is deemed as a short-term consolidation phase that may last for another couple of days. As long as 101.50 is not taken out, another leg lower towards the major 99.50 support cannot be ruled out just yet. That said, based on the oversold conditions, a clear break below this level seems unlikely.

Source: efxnews.com

EUR/USD: Neutral: In a 1.1120/1.1290 range.

EUR traded in a range of less than 50 pips last Friday, between 1.1191 and 1.1240. The outlook is still clearly neutral and we continue to expect this pair to trade sideways within a 1.1120/1.1290 range for now.

GBP/USD: Bearish: Extension likely limited to 1.2865.

GBP staged a rapid and abrupt turnaround last Friday and dropped below the revised target of 1.2930 (low of 1.2915). While the outlook is still viewed as bearish, any further extension is likely limited to the next major support at 1.2865 (low in August). That said, the current bearish phase is intact until 1.3060 is taken out.

AUD/USD: Neutral: Bullish if daily closing above 0.7675.

As highlighted in the Chart of the Day update last Friday, the undertone for AUD is positive but only a clear break above 0.7675 would indicate the start of a bullish phase. For now, as long as 0.7560 is intact, the prospect of a move above 0.7675 still appears to be quite good.

NZD/USD: Neutral: Bearish if daily closing below 0.7200.

The rapid and sharp drop in NZD last Friday has clearly resulted in a weak undertone. However, we prefer to see a daily closing below 0.7200 before turning bearish (with an immediate target of 0.7135/40). This appears to be a likely scenario unless this pair can move and stay above 0.7275 within these 1 to 2 days.

USD/JPY: Bearish: Extremely oversold but room for extension to 99.50/55.

The current movement is deemed as a short-term consolidation phase that may last for another couple of days. As long as 101.50 is not taken out, another leg lower towards the major 99.50 support cannot be ruled out just yet. That said, based on the oversold conditions, a clear break below this level seems unlikely.

Source: efxnews.com

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