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

EUR/USD: Bearish: Room to extend lower but 1.0820 is a major support. [No change in view].

While EUR dropped to 1.0995/00 last Friday (lowest level seen this month), downward momentum is far from impulsive and it is doubtful that this pair would accelerate lower from here. However, looking further ahead, a move to 1.0820 cannot be ruled out just yet as long as the stop-loss at 1.1185 is intact. In the meanwhile, further short-term sideway trading above the recent 1.0909 low seems likely and only a clear break below this level would indicate that the next bearish leg lower has started.

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GBP/USD: Bearish: Increasing risk of an interim low.

We highlighted that downward momentum has weaken in the past few updates and from here, the risk of an interim low is growing. Those who are shorts after Brexit  may like to book partial profit at current level. 

AUD/USD: Bullish: Target 0.7600 followed by 0.7650.

There is no change to the current bullish AUD view. The decline yesterday is likely a short-term corrective pull-back and further AUD strength to 0.7600, 0.7650 is still expected. Stop-loss remains unchanged at 0.7440 even though 0.7500 is already a strong short-term support.

NZD/USD: Bullish: Target 0.7360.

We just turned bullish and the subsequent sharp drop from the high of 0.7306 does not bode well for our view. However, only a break below 0.7200 would indicate that our bullish expectation is wrong.

USD/JPY: Neutral: Bullish only if daily closing above 103.50.

While we highlighted the waning downward pressure in USD, the strong and abrupt rally yesterday was clearly unexpected. Upward momentum is picking up rapidly but only a daily closing above 103.50 would indicate that the current neutral phase has shifted to bullish. Overall, the upward pressure would continue to increase unless there is move back below 101.50.