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

EUR/USD: Change to Neutral: Short-term top in place, corrective pull-back could extend lower to 1.1060.

While we pointed out yesterday that a short-term appears imminent, the ease of which the major 1.1180 support was taken out was unexpected. The bullish EUR phase that started on the 4th of February has likely made a short-term top at 1.1375 (1.1400 profit-taking level not met).

The current down-move from the high is likely part of a corrective pull-back which could extend lower to 1.1060. The major support is nearer to 1.0990 and a move below this level is not expected for now. Overall, this pair is expected to remain under pressure in the coming days unless it can reclaim the 1.1375 peak.

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: Daily closing above 0.7200 would shift outlook to bullish.

While the outlook for AUD is still viewed as neutral, upward momentum is improving and a daily closing above 0.7200 would be a strong indication that this pair is ready to take out the recent high near 0.7242.

The upside risk will continue to grow unless there is a move back below the major 0.7065/70 support.

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

There is no change to the neutral view and we continue to expect this pair to trade in a 0.6560/0.6800 for now.

USD/JPY: Change to Neutral. In a broad 112.00/117.50 range for now. 

The unexpected break of 114.60 indicates that the bearish phase that started early last week has ended.

The outlook is viewed as neutral and USD is expected to trade in a broad 112.00/117.50 range for now.

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