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PIG TODAY-29.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

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

The neutral phase in EUR that started last Friday is still clearly intact. At this stage, there is no pre-indication that this pair is about to break out of the expected sideway trading range of 1.1120/1.1290.

GBP/USD: Bearish: Increasing risk of a short-term low.

The bearish phase that started about two weeks ago appears to be close to completion. Unless there is a sustained move back below 1.2980 by end of the day, a break above 1.3060 would not be surprising. A move above 1.3060 would indicate that GBP has moved into a neutral consolidation phase, likely within a 1.2930/1.3160 range.

AUD/USD: Bullish: Target 0.7740. 

We turned bullish AUD yesterday and the current price action bodes well for our bullish view. The immediate target is at 0.7740 followed closely by the August’s peak of 0.7760. The levels between 0.7740 and 0.7760 are expected to offer stiff resistances but a break above this zone could lead to acceleration higher towards the year’s high at 0.7836. Stop-loss remains unchanged at 0.7605 for now but on a shorter-term note, 0.7645 is already a very solid support

NZD/USD: Neutral: In a 0.7200/0.7375 range.

NZD dropped to a low of 0.7234 but the down-move was quickly reversed. The choppy movement has resulted in a mixed outlook and at this stage, it is unlikely that this pair is about to break out of the expected sideway trading range of 0.7200/0.7375.

USD/JPY: Bearish: Increasing risk of a short-term low.

As highlighted yesterday, a prolonged consolidation above 100.00/05 would decrease the odds for further USD weakness. The short-term USD strength is more resilient than expected and unless USD can move and stay below 100.40 by end of the day, a break above 101.50 would not be surprising (indicating the start of a broader consolidation phase).

Source: efxnews.com

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

The neutral phase in EUR that started last Friday is still clearly intact. At this stage, there is no pre-indication that this pair is about to break out of the expected sideway trading range of 1.1120/1.1290.

GBP/USD: Bearish: Increasing risk of a short-term low.

The bearish phase that started about two weeks ago appears to be close to completion. Unless there is a sustained move back below 1.2980 by end of the day, a break above 1.3060 would not be surprising. A move above 1.3060 would indicate that GBP has moved into a neutral consolidation phase, likely within a 1.2930/1.3160 range.

AUD/USD: Bullish: Target 0.7740. 

We turned bullish AUD yesterday and the current price action bodes well for our bullish view. The immediate target is at 0.7740 followed closely by the August’s peak of 0.7760. The levels between 0.7740 and 0.7760 are expected to offer stiff resistances but a break above this zone could lead to acceleration higher towards the year’s high at 0.7836. Stop-loss remains unchanged at 0.7605 for now but on a shorter-term note, 0.7645 is already a very solid support

NZD/USD: Neutral: In a 0.7200/0.7375 range.

NZD dropped to a low of 0.7234 but the down-move was quickly reversed. The choppy movement has resulted in a mixed outlook and at this stage, it is unlikely that this pair is about to break out of the expected sideway trading range of 0.7200/0.7375.

USD/JPY: Bearish: Increasing risk of a short-term low.

As highlighted yesterday, a prolonged consolidation above 100.00/05 would decrease the odds for further USD weakness. The short-term USD strength is more resilient than expected and unless USD can move and stay below 100.40 by end of the day, a break above 101.50 would not be surprising (indicating the start of a broader consolidation phase).

Source: efxnews.com

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