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

EUR/USD: Bearish: Bearish for a modest target of 1.0810.

We just turned bearish EUR yesterday and there is no change to the view. As mentioned, we have a modest target of 1.0810 with a stop-loss at 1.1030 even though 1.0965 is already a strong resistance. 

Overall, only a move back above 1.0935 would indicate that a temporary low is in place.

GBP/USD: Bearish: Extension to 1.3800 not ruled out but odds are not high.

The price action over the last couple of days reinforces our view wherein GBP is expected to struggle to move lower towards the next support at 1.3800.

Momentum has slowed further but from here, only a move above 1.4020 (adjusted from 1.4050) would indicate that a short-term low is in place. Until then, there is still a slim chance that we will see another leg lower to 1.3800.

AUD/USD: Neutral: Pull-back could extend to 0.7065, 0.7030.

We turned neutral AUD yesterday and there is no change to the view. The current movement is viewed as the early stages of a corrective pull-back that has scope to extend lower to 0.7065 and possibly 0.7030.

To put it another way, near term, AUD is likely under pressure unless it can reclaim 0.7230.

NZD/USD: Neutral: short-term weakness likely limited to 0.6500.

Similar to AUD/USD, we turned neutral on NZD yesterday with expectation that the current pull-back could extend lower but any further weakness is likely limited to 0.6500.

Only a move back above 0.6745 would indicate that the downward pressure has eased.

USD/JPY: Neutral: In a broad 111.00/114.50 range now.

As indicated yesterday, despite the recent USD strength, we continue to hold a neutral view and expect this pair to trade in a choppy and broad range between 111.00 and 114.50.

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