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

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

11 March 2016, 10:35
Vasilii Apostolidi
0
72

EUR/USD: Outlook turn bullish but upside likely limited to 1.1245.

The strong overnight rally is accompanied by impulsive momentum and the outlook for EUR in the next 1 to 2 weeks has shifted to bullish from neutral. That said, it is very likely that we have seen a bulk of the move. The current price action is reminiscent of the rally last December where the one day surge to a high of 1.0980 led to a limited extension to 1.1059 (before quickly turning sideways).

Only clear and sustained break above 1.1245 would indicate that a move towards 1.1375 has started. Support is at 1.1090 but only a move below 1.1030 would indicate that temporary top is in place.

GBP/USD: Neutral: Recovery could extend further to 1.4400.

As indicated yesterday, as long as 1.4050 is intact, another attempt higher to test the major 1.4400 resistance cannot be ruled out just yet. GBP dipped to a low of 1.4120 yesterday and the up-move from the low appears to be on track for a move to 1.4400.

At this stage, we not expect a sustained move above this level. Overall, the undertone will remain positive unless there is a move back below 1.4120.

AUD/USD: Bullish: 0.7480 target exceeded, next objective at 0.7535.

The high of 0.7528 held just below the 0.7535 objective. The pull-back from the high is likely a short-term consolidation phase and the probability for a move above 0.7535 in the coming days appear to be quite high.

The next resistance is at 0.7600.

NZD/USD: Neutral: Pull-back likely limited to 0.6545.

We just turned neutral NZD yesterday and there is no change to the view. The current movement is likely part of a corrective pull-back that is limited to 0.6545.

USD/JPY: Neutral: Still neutral, back in a broad 112.00/114.55 range.

We have held a neutral view since the middle of last month and at this stage, there is no change in our outlook. Further choppy can be expected, likely in a broad 112.00/114.00 range.

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