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

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

15 February 2016, 06:20
Vasilii Apostolidi
0
74

EUR/USD: Bullish: Take partial profit at 1.1400.

As pointed out last Friday, the current rally is showing signs of slowing and a short-term top appears to be imminent. However, confirmation is only upon a break below the stoploss at 1.1180. A break below this level could lead to a pullback towards the 1.1085 support.

Those who are long should continue to book some partial profit at 1.1400 (1.1330 is already a very strong resistance).

GBP/USD: Neutral: Likely in a 1.4350/1.4650 range for now.

There is not much to add as GBP continues to trade choppily within a confined range.

We remain neutral and expect this pair to trade in a broad 1.4350/1.4650 for another week or so.

AUD/USD: Neutral: Likely in a broad 0.6950/0.7240 range for now.

The recent volatile movement appears to have subsided somewhat as AUD traded in a relatively tight range last Friday. We have maintained a neutral stance since early last week and there is no change to the view.

We expect this pair to trade in a broad 0.6950/0.7240 range for now.

NZD/USD: Neutral: Likely in a broad 0.6560/0.6800 range for now.

Similar to AUD/USD, there is no change to the neutral view and we continue to expect this to trade in a 0.6560/0.6800 for now.

USD/JPY: Bearish: Next level to aim for is 110.00.

The strong rebound last Friday has dented the strong downward momentum but at this stage, it is too early to expect that a bottom is in place.

That said, in order to maintain the current bearishness, USD has to move below 112.00 in the next couple of days or the odds for another leg lower to the next target at 110.00 will diminish quickly.

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