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

EUR/USD: Bullish: Upside likely limited to 1.1245.

As mentioned last Friday, while we turned bullish EUR, the upside potential is likely limited to 1.1245. The current movement is a short-term consolidation and this should lead to an eventual move higher in the next few days.

GBP/USD: Neutral: Bearish only upon daily closing below 1.4200. The corrective rebound that started earlier this month has likely topped out at 1.4437 yesterday (exceeding our 1.4400 target).

While a short-term top is likely in place, only a daily closing below 1.5200 would indicate the start of a sustained down-move. In other words, the current outlook is still viewed as neutral as GBP could trade sideways for a while more (holding below 1.4437) before staging a deeper down-move.

AUD/USD: Bullish: To take partial profit at 0.7600.

The rapid drop from the high of 0.7595 yesterday (holding just below the revised 0.7600 target) is a warning sign that the current bullish AUD phase may be close to an end.

Those who are long should look to take partial profit on any attempt towards 0.7600. Stop-loss is adjusted higher to 0.7425 from 0.7400.

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

There is no change to the current neutral view and we still think there is a chance that the sharp pull-back that started last week has a chance to extend lower to 0.6545 (even though 0.6615 is a strong support).

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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