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

27 April 2016, 11:02
Vasilii Apostolidi
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EUR/USD: Shift from bearish to neutral: Likely in 1.1200/1.1400 range.

The break of 1.1330 (high of 1.1338) suggests that the bearish phase that started about 2 weeks ago has ended (target at 1.1145 was not met).

The outlook from here is viewed as neutral and we expect this pair to trade between 1.1200 and 1.1400 for now (only a clear break below 1.1200 or above 1.1400 would indicate the start of a directional move).

 

GBP/USD: Bullish: Take partial profit at 1.4670.

We just turned bullish yesterday and GBP quickly approaches our 1.4670 target (high of 1.4640). As mentioned, 1.4670 is a very strong resistance and this level may not be easy to break. Thus, those who are long may like to take some partial profit at this level.

That said, a clear break above 1.4670 would shift the focus to the year-todate high of 1.4815. 

AUD/USD: Shift from bullish to neutral: In a 0.7595/0.7765 range.

The break below 0.7660 earlier indicates that the recent high of 0.7835 is the extent of the bullish phase (target at 0.7850 not met).

We hold a neutral view for now and expect AUD to trade in a broad 0.7595/0.7765 range for now.

NZD/USD: Neutral: Corrective pull-back has scope to extend to 0.6765.

We continue to hold the view that the current corrective pullback has scope to extend lower to 0.6765. Only a move back above 0.6940 would indicate that the immediate downward pressure has eased.

USD/JPY: Bullish: Target a move to 112.20.

There is no change to the bullish USD view as highlighted yesterday. However, overbought short-term indicators would likely lead to a couple of days of consolidating first.

The target and stoploss remain unchanged at 112.20 and 109.80 respectively.

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