Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
EUR/USD: Neutral: In a 1.0370/1.0600 range.
The unexpected surge to a high of 1.0651 last Friday coupled with the equally rapid reversal has resulted in a mixed outlook. We hold a neutral stance now and expect broad choppy sideways trading within a broad 1.0370/1.0600 in the coming days.
GBP/USD: Bearish: Diminished odds for further GBP weakness.
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The bearish phase that started about 2 weeks ago is still intact as long as 1.2400 is not taken out. However, downward momentum has waned with the sharp rebound last Friday and the odds for extension towards the next key level at 1.2150 are not high.
AUD/USD: Neutral: In a 0.7120/0.7300 range.
The recent decline in AUD appears to have found a shortterm low last week. While the immediate bias is on the upside, the current movement is viewed as part of a broad 0.7120/0.7300 consolidation range and not the start of a bullish reversal.
NZD/USD: Neutral: In a 0.6860/0.7020 range.
The current outlook for NZD is viewed as neutral and we expect this pair to trade in a broad 0.6860/0.7020 range for now.
USD/JPY: Neutral: In a 115.50/118.50.
USD has been trading in a relatively narrow range for the past few weeks. At this stage, we continue to hold a neutral stance and expect USD to trade in a broad 115.50/118.50 range.
