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

EUR/USD: Neutral: Corrective pull-back could extend lower to 1.1060.

There is no change to the neutral view. The current movement is viewed as a corrective pull-back which could extend lower to 1.1060.

GBP/USD: Change to Bearish: GBP/USD downtrend has resumed; immediate target at 1.4200.

We have maintained a neutral view for GBP/USD since late January and viewed the rebound from the low of 1.4080 as a corrective recovery. The abrupt and sharp drop below the key 1.4350 support yesterday suggests that GBP/USD has resumed its recent downtrend. The immediate target is for a move to 1.4200 with a reasonable high chance for a retest of the 1.4080 low.

Resistance is at 1.4385 but only a move above 1.4450 would indicate that our bearish view is wrong.

AUD/USD: Neutral: Daily closing above 0.7200 would shift outlook to bullish.

Despite the drop from the high of 0.7182 yesterday, the undertone for AUD/USD still appears positive.

As long as the major 0.7065/70 support continues to hold, another attempt to move clearly above 0.7200 cannot be ruled out just yet (only daily closing above 0.7200 would shift outlook to bullish).

USD/JPY: Neutral: In a broad 112.00/117.00 range for now.

We just shifted to a neutral stance yesterday and there is no change to the view.

The near-term outlook is rather clouded due to the recent spike in volatility and at this stage, we prefer to hold the view that this pair is to trade in a broad 112.00/117.00 range for now.

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