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

EUR/USD: Neutral: Bullish only if daily closing above 1.1005/10.

The daily closing of 1.1012 was just a few pips above the critical 1.1005/10 mentioned in recent updates.

We are not convinced that the current movement is the start of a sustained up-move in EUR and would prefer to wait for clearer indication before turning bullish. In the meanwhile, this pair is expected to remain underpinned with solid support at 1.0900.

GBP/USD: Neutral: Recovery could extend further to 1.4400.

The recent price action is within our expectation wherein we expect the corrective recovery that started late last week to extend further to 1.4400 (after meeting the first level of 1.4230).

At this stage, a move above 1.4400 is not expected. Overall, only a move back below 1.4050 would indicate that the prevalent upward pressure has eased (1.4130 is already a strong support).

AUD/USD: Bullish: 0.7480 target exceeded, next objective at 0.7535.

AUD edged above the 0.7480 target with a high of 0.7486.

While short-term conditions are severely overstretched, the outlook in the coming days still appears to be bullish and from here, the next objective is at the rather major level of 0.7535. 

NZD/USD: Bullish: Outlook turned bullish but 0.6880/0.6900 is a massive resistance zone.

We just turned bullish NZD yesterday and there is no change to the view.

As mentioned, the target at 0.6895 is within the formidable resistance zone of 0.6880/0.6900.

USD/JPY: Neutral: In a broad 112.50/114.55 range now.

There is not much to add as we continue to hold a neutral view for USD.

However, this pair is approaching the lower end of the expected 112.50/114.55 range and we must highlight that a daily closing below 112.50 would indicate the start of a bearish phase. 

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