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

EUR/USD: Neutral: Weakness could extend to 1.0990 but odds for such a move are slim.

We were of the view that a short-term top is in place at 1.1375 and the corrective pull-back from the high could extend lower to 1.1060. We have seen a low of 1.1068 in overnight trading but with no signs of stabilization just yet, the current weakness could extend towards the next major support at 1.0990. That said, the down-move so far is clearly not impulsive and the odds for a move to 1.0990 is not high.

Overall, this pair is expected to remain under mild downward pressure in the coming days unless there is a move back above 1.1250/55.

GBP/USD: Bearish: Immediate target at 1.4200.

Despite the strong short-term rebound, there is no change to the bearish view.

We believe the current movement is a short-term consolidation that should lead to an eventual move lower to 1.4200. Stop-loss remains unchanged at 1.4450.

AUD/USD: Neutral: Daily closing above 0.7200 would shift outlook to bullish.

As highlighted in recent updates, the undertone for AUD/USD appears to be positive as long as 0.7065/70 continues to hold.

However, only a daily closing above 0.7200 would shift the outlook to bullish.

NZD/USD: Bearish: Downside appears to be limited to 0.6470.

The daily closing of 0.6642 was just below the key level of 0.6650.

As long as there is no daily closing above 0.6650, we continue to hold a bearish NZD/USD view but as pointed out previously, any down-move is likely limited to 0.6470.

USD/JPY: Neutral: In a broad 112.00/115.00 range for now.

We view the sharp drop yesterday as part of a broad consolidation phase and not the resumption of the recent bearish phase.

The outlook for USD/JPY remains mixed and we expect further choppy trading between 112.00 and 115.00.

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