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

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

There is no much to add as EUR traded quietly yesterday. While the outlook is still bullish, upward momentum is clearly not very strong and as mentioned in recent updates, any upmove is likely limited to 1.1245.

Overall, this pair has to move clearly above 1.1150 in the next couple of days or momentum indicators will continue to deteriorate.

*GBP/USD: Bearish: Outlook turned bearish; immediate target at 1.4000.

As indicated yesterday, the corrective rebound from the low of 1.3836 earlier this month has likely topped out at 1.4437. The unexpected sharp drop yesterday easily took out the strong 1.5200 support suggesting that the current weakness is the start of a fresh bearish phase in GBP. Looking back, the recent price action is very similar to the 1.4080 to 1.4672 recovery earlier this year which upon completion led to the sharp drop to 1.3836.

The immediate target is at 1.4000 which is a solid support and may not break so easily. The resistance at 1.4240 is likely strong enough to contain any short-term rebound but only a move back above 1.4305 would indicate that our view is wrong.

AUD/USD: Bullish: Increasingly likely that a short-term top is in place.

The odds for further up-move continues to diminish and unless AUD can move and stay above 0.7530 in the next 1 to 2 days, a break of 0.7425 will not be exactly surprising.

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

The overnight movement is line with our expectation wherein we expect the current pull-back in NZD to extend lower to 0.6545.

Overall, this pair is expected to remain under pressure unless it can move and stay above 0.6660 in the next 1 to 2 days.

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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