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

EUR/USD: Neutral: In a broad 1.1120/1.1375 range now.

Despite the smart rebound from the low of 1.1150/55 yesterday, there are no pre-indications that EUR is about to embark on a sustained up-move.

That said, a test of the strong 1.1280 resistance will not be surprising in the next couple of days but at this stage, we do not expect a significant move above this level (a clear break could lead to a quick move towards the next major resistance at 1.1375). Key support is still at 1.1120.

GBP/USD: Neutral: Likely in a broad 1.4050/1.4400 range.

The strong rebound that took out 1.4250 yesterday suggests that a short-term bottom is in place at the low of 1.4056 last week. While the risk for further GBP weakness has diminished considerably, the current movement is likely part of a broader sideway consolidation range and not the start of a sustained up-move.

In other words, the neutral phase that started last Wednesday is still in place and further range trading is expected in the coming days, likely between 1.4050 and 1.4400.

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AUD/USD: Neutral: In a broad 0.7450/0.7650 range.

In recent updates, we were of the view that the pull-back from the high of 0.7681 has scope to extend lower to test the major 0.7410/15 support. The strong rebound yesterday suggests that the odds for further AUD weakness have diminished.

That said, the current movement is likely part of a broader consolidation phase and not a resumption of the longer-term bullish trend. In other words, we expect sideway trading from here, likely between 0.7450 and 0.7650.

NZD/USD: Neutral: Back into a broad 0.6650/0.6800 consolidation range.

There is not much to add, we still think NZD is trading in a broad 0.6650/0.6800 consolidation range for now.

USD/JPY: Neutral: Rebound has scope to extend to 114.00, 114.50.

We just shifted to a neutral stance yesterday and there is no change to the view. The current movement is considered as a corrective rebound which has scope to extend higher to 114.00 and possibly 114.50.

Support levels have moved higher to 113.00 followed by 112.50 (from 112.50, 112.00).