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PIG TODAY-30.09.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

 

 

EUR/USD: Neutral: In a 1.1120/1.1290 range. [No change in view]

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: Lower odds for further GBP decline.

After coming to within one pip of our stop-loss at 1.3060 (high of 1.3059 yesterday), GBP dropped sharply to current level of 1.2965. While the bearish phase is still intact, downward momentum has been dented and the odds for further weakness to 1.2865 are not very high (1.2915 is already a strong short-term support).

AUD/USD: Bullish: Increased downside risk.

AUD registered a ‘bearish outside day’ and this does not bode well for our bullish view. However, confirmation is only upon a break of 0.7605. From here, AUD has to move and stay above 0.7670 or the downside risk would continue to increase.

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

The choppy swings over the last few days reinforce our current neutral view on NZD. Indicators are generally mixed and from here, we continue to expect choppy trading within a broad 0.7200/0.7375 range. Looking further ahead, the current consolidation is more likely to be resolved to the downside.

USD/JPY: Shift from bearish to neutral: In a 100.00/102.00 range.

The move back above 101.50 has shifted the bearish outlook for USD to neutral. A short-term low is likely in place and the current movement is viewed as the start of consolidation phase, likely within a broad 100.00/102.00 range.

Source: efxnews.com

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