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

EUR/USD: Bearish: Take partial profit at 1.0810.

While we remain bearish EUR, the price action is in line with our expectation wherein we expect limited downside potential. This pair is struggling to move lower and those who are shorts may want to take partial profit at 1.0810.  

Downward momentum continues to wane with the rebound from the overnight low of 1.0832 but it is too early to expect a sustained recovery.

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

The short-term rebound tested but failed to move clearly above the stop-loss for our bearish view at 1.4020 (high of 1.4020). As highlighted in recent updates, momentum has slowed and the odds for the current GBP weakness to extend lower have diminished considerably.

However, confirmation of a short-term low is only upon a move above 1.4020. Until this level is taken out, another leg lower to 1.3800 cannot be ruled out just yet.

AUD/USD: Neutral: Daily closing above 0.7260 would shift outlook to bullish again.

The strong rebound from the low of 0.7110 yesterday was unexpected and accompanied by strong momentum. However, only a clear break (daily closing) above the major 0.7260 resistance would shift the outlook for AUD to bullish again (we turned neutral only 2 days ago).

Overall, AUD is expected to remain supportive unless there is a move back below 0.7110 in the next 1 to 2 days.

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

There is no change to current neutral view despite the strong recovery yesterday. The undertone for NZD is still negative but at this stage, any further weakness is likely limited to 0.6500.

On the upside, 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.

USD continues to trade choppily by dropping initially to a low of 112.14 before rocketing higher to close near the day’s high at 114.00. While upward momentum is improving, it is too early to expect a sustained up-move unless there is clear break above the major 114.50 resistance.

In the meanwhile, this pair is expected to be underpinned with solid support at 112.60 ahead of the 112.14 low.

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