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.

As highlighted last Friday, while the current pull-back from the 11 Feb high of 1.1375 could extend lower towards the major support at 1.0990, the odds for such a move is not high.

However, only a move back above 1.1250 would indicate that the current downward pressure has eased.

GBP/USD: Bearish: Continue to expect a move to 1.4200.

We turned bearish GBP in the middle of last week, expecting a move lower towards the immediate target at 1.4200. This is a strong support level and would not be easy to break. That said, the next significant support below this level is at 1.4080, the low seen in January. In the meanwhile, the short-term rebound last Friday touched a high of 1.4413, holding below the current stoploss at 1.4450.

As long as 1.4450 remains intact, we continue expect a move to 1.4200 (even though 1.4350 is already a strong resistance).

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

There is no change to our current neutral view but as highlighted several times in recent updates, the undertone for AUD is positive and a daily closing above 0.7200 would shift the neutral outlook to bullish.

Key support remains at 0.7065/70

NZD/USD: Bearish: Diminishing odds for NZD to move lower.

While we continue to hold a bearish NZD view, the recent price action is not supportive of our view and the odds for a move to our 0.6470 target appears to be rather slim.

USD/JPY: Overall, a daily closing above 0.6650 is enough to indicate that our bearish expectation is wrong.

Neutral: In a broad 112.00/115.00 range for now. While we continue to hold a neutral view, the sharp drop last Friday is gaining momentum and a daily closing below 112.00 would shift the current neutral outlook to bearish.

In the meanwhile, a snap back to higher level will not be surprising but a move above the key resistance at 115.00 is unlikely, at least not for the next several days.

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