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

EUR/USD: Neutral: Daily closing below 1.0990 would shift outlook to bearish.

EUR edged below 1.0990 (low of 1.0987) but closed higher at 1.1015. As highlighted yesterday, only a daily closing below 1.0990 would indicate further EUR weakness towards the next support at 1.0850. Overall, this pair is expected to remain under pressure unless it can reclaim 1.1130 in the next few days.

GBP/USD: Bearish: Take profit at 1.3930.

There is nothing much to add as GBP continues with its down-move. As mentioned yesterday, shorts should take partial profit at 1.3930 (seeing short-term support at 1.3950/55). 

AUD/USD: Bullish: Immediate target at 0.7325/30.

We just turned bullish AUD yesterday and there is no change to the view. As long as 0.7130 is intact, we believe the current AUD strength can extend higher to 0.7325/30

NZD/USD: Neutral: In a broad 0.6560/0.6750 range.

The sharp drop yesterday has greatly diminished the odds for a move above the major 0.6750 resistance. From here, there is no chance to the neutral view and we expect NZD to trade between 0.6560 and 0.6750 in the coming days.

USD/JPY: Neutral: Daily closing below 112.00 would shift outlook to bearish.

While the short-term pressure is clearly on the downside, we prefer to see a daily closing below 112.00 before adopting a bearish stance. In the meanwhile, USD is expected to remain under pressure unless it can reclaim.

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