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

EUR/USD: Neutral: Still neutral with key levels at 1.0900 and 1.0100.

There is not much to add as the recent short-term EUR strength struggles to maintain its momentum. The outlook is still viewed as neutral and as mentioned in recent updates, only a strong daily closing above 1.1005/10 would indicate that EUR is ready to move higher. In the meanwhile, this pair is expected to trade sideways with 1.0900 and 1.1100 acting as key levels.

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

While the short-term upward momentum has clearly eased, it is too early to expect a mid-term top. The current movement is likely part of a consolidation phase and as long as 1.4050 is intact, another attempt to move higher to test the major 1.4400 resistance cannot be ruled out just yet.

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

As highlighted yesterday, while the 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.

[No change in view,] 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: Daily closing below 112.50 would indicate start of bearish phase.

Downward momentum is clearly improving rapidly and from here, a daily closing below 112.50 would indicate the start of a bearish phase in USD. This appears to be a likely scenario unless USD can reclaim 113.50 in the next 1 to 2 days.

PS: Copy signals, Trade and Earn on Forex4you - https://www.share4you.com/en/?affid=0fd9105