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

EUR/USD: Bullish: Above 1.1375 would open up the way for 1.1495.

The bullish EUR phase that started on 11 Mar is still intact even though we are faced with strong resistance at 1.1375 (high in early December 2015).

Only a clear break above this level would open up the way for a move to 1.1495. 

GBP/USD: Bullish: Likely have seen bulk of up-move but another leg to 1.4570 will not be surprising. 

While the strong rally from the low of 1.4053 last week is clearly overbought, there is no sign of weakness just yet and further GBP strength still appears likely in the days ahead. That said, 1.4570 is a very strong resistance and this level would not be easy to break. A move above this level would be very positive for GBP and would open up the way for a retest of the February high of 1.4672.

Overall, GBP is expected to remain underpinned as long as the key support at 1.4350 is intact (the 1.4053 low is unlikely to come under threat any time soon).

AUD/USD: Bullish: Target 0.7740.

We reestablished our bullish AUD view last Friday and there is no change to the outlook. As long as 0.7520 is intact, we believe the current AUD strength could extend higher to 0.7740.

That said, overbought short-term condition could lead to several days of sideway consolidation first (before the next leg higher can be expected).

NZD/USD: Bullish: Sharp drop does not bode well for bullish view.

NZD touched a high of 0.6875 last Friday and the subsequent sharp drop from the peak does not bode well for our bullish view. As mentioned in recent updates, 0.6880/00 is a massive resistance zone and would not be easy to break.

A move below 0.6750 would indicate that last week sharp rally is another false break.

USD/JPY: Bearish: Month-long consolidation over, bearish for 110.00.

While the month neutral consolidation is likely over, the decline in USD has been more rapid and aggressive than expected which mean we may have missed a bulk of the move. Overall, the risk is still on the downside and the target from here is at 110.00.

Resistance at 112.30 is likely strong enough to cap any short-term rebound but only a move above 113.00 would indicate that our view is wrong.

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