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FXPIG -06.10.2016-Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB

 

 

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

EUR spent another day going nowhere and at this stage, there is no pre-indication that the current neutral phase is about to end soon. In other words, the expected sideway trading range of 1.1120/1.1290 that was first highlighted about 2 weeks ago is still intact.

GBP/USD: Bearish: Next support at 1.2620.

GBP touched a fresh low of 1.2686 yesterday before rebounding quickly. As highlighted yesterday, while the outlook for this pair is still deemed as bearish, the pace of any further decline is expected to be slower. The next level to focus on is at 1.2620.

AUD/USD: Neutral: In a 0.7750/0.7710 range.

The recent build-up in upward momentum fizzled out quickly and the odds for a clear break above the major 0.7710 resistance have diminished considerably. AUD has likely slipped back into a consolidation phase and this pair is expected to trade sideways for now, likely within a 0.7750/0.7710 range.

NZD/USD: Bearish: Downside limited to 0.7110 for now.

The bearish phase that started yesterday is still intact and from here, we continue to expect a move lower to 0.7110. As mentioned yesterday, the recent decline appears to be overextended and at this stage, any further weakness is likely limited to 0.7110. Stop-loss remains unchanged at 0.7260 but 0.7205 is already a strong short-term resistance.

USD/JPY: Bullish: Next target at 104.30.

The shift to a bullish stance yesterday was timely as USD accelerated higher and the immediate target of 103.35 was quickly exceeded (high of 103.66). The next level to focus on is the early September high of 104.30.

Source: efxnews.com

 

 

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

EUR spent another day going nowhere and at this stage, there is no pre-indication that the current neutral phase is about to end soon. In other words, the expected sideway trading range of 1.1120/1.1290 that was first highlighted about 2 weeks ago is still intact.

GBP/USD: Bearish: Next support at 1.2620.

GBP touched a fresh low of 1.2686 yesterday before rebounding quickly. As highlighted yesterday, while the outlook for this pair is still deemed as bearish, the pace of any further decline is expected to be slower. The next level to focus on is at 1.2620.

AUD/USD: Neutral: In a 0.7750/0.7710 range.

The recent build-up in upward momentum fizzled out quickly and the odds for a clear break above the major 0.7710 resistance have diminished considerably. AUD has likely slipped back into a consolidation phase and this pair is expected to trade sideways for now, likely within a 0.7750/0.7710 range.

NZD/USD: Bearish: Downside limited to 0.7110 for now.

The bearish phase that started yesterday is still intact and from here, we continue to expect a move lower to 0.7110. As mentioned yesterday, the recent decline appears to be overextended and at this stage, any further weakness is likely limited to 0.7110. Stop-loss remains unchanged at 0.7260 but 0.7205 is already a strong short-term resistance.

USD/JPY: Bullish: Next target at 104.30.

The shift to a bullish stance yesterday was timely as USD accelerated higher and the immediate target of 103.35 was quickly exceeded (high of 103.66). The next level to focus on is the early September high of 104.30.

Source: efxnews.com

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