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

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

EUR moved to a low of 1.0823 before rebounding to close almost unchanged for the day. Indicators continue to show sign of basing but any recovery is unlikely to move significantly above 1.0920.

The overnight low of 1.0823 did not reach our partial profittaking level of 1.0810. While only a break above 1.0965 would indicate that the current bearish phase has ended, downward momentum is struggling and at this stage, a sustained down-move below 1.0810 appears unlikely.

GBP/USD: Turn to *Neutral: Bearish phase has ended, corrective rebound has scope to extend higher to 1.4230.

The break above 1.4020 indicates that the 2-week bearish phase has ended. The current movement is viewed as a corrective rebound which has scope to extend higher to 1.4230.

Strong support is at 1.3985 and only a clear break below the recent low of 1.3835 would indicate the resumption of the bearish phase.

AUD/USD: Turn to Bullish: Target a move to last December high of 0.7385.

As mentioned yesterday, a daily closing above 0.7250 would indicate the start of a bullish phase in AUD. The strong rally is accompanied by impulsive momentum and extension towards the major 0.7325/30 resistance is likely.

Support is at 0.7245 and the overnight low of 0.7200 is not expected to come under threat for now. The target is at 0.7385, the high seen in early December. 

NZD/USD: Neutral: 0.6600/0.6775 range for now.

While the recent short-term downward pressure has eased, the outlook for NZD is still viewed as neutral for now.

We expect this pair to trade sideways for another week or so and only a clear break of the expected 0.6600/0.6775 range would indicate the start of a directional move

USD/JPY: Neutral: In a broad 112.50/114.50 range now.

There is not much to add as USD moved briefly above the top end of our expected 111.00/114.50 range yesterday (high of 114.55).

We remain neutral for now but from here, a clear break out of an expected 112.50/114.50 sideway trading range would indicate the start of a directional move.

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