Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD – UOB

Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD – UOB

Overview

EUR/USD: Bullish: Anticipating a move above 1.1000.

While the relatively weak daily closing has dented the upward momentum, it is still early to expect a short-term top. As long as 1.0830 is intact, we continue to anticipate a break a move above 1.1000 even though we must admit that the odds for such a move have diminished

GBP/USD: Bullish: Overbought but room for extension to 1.2950.

We have held the same bullish view that GBP is “overbought but has room for extension to 1.2950” since last Wednesday. The target appears to be within reach and while upward momentum is not as strong as preferred; a break above this level would not be surprising. If GBP can close above this level, it would bode well for further extension towards 1.3000 and likely beyond. In order to maintain the current bullish momentum, any shortterm pull-back should not move back below 1.2800.

AUD/USD: Bearish: Room for extension to 0.7400.

We just turned bearish AUD yesterday and there is no change to the view. While oversold, there is room for the current decline to extend towards 0.7400. That said, this is a major support and is unlikely to yield so easily. Stop-loss remains unchanged at 0.7540 for now even though 0.7515 is already a strong level.

NZD/USD: Bearish: Target 0.6830.

While we turned bearish NZD yesterday, we were aware that we were ‘late in the game’. That said, with no signs of stabilization just yet, extension lower to 0.6830 is still a distinct possibility.

USD/JPY: Bullish: Target 112.20.

The short-term consolidation phase is still intact and USD could continue to trade sideways for another 1 to 2 days before pushing higher towards 112.20. In other words, there is no change to the bullish view.

Source: United Overseas Bank Global Economics & Markets Research

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