Daily Market overview

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

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

EUR traded quietly late last week and there is no change to the current neutral view. We continue to expect this pair to trade in a broad 1.1120/1.1375 range even though the immediate risk appears to be tilted to the downside. A clear break below 1.1120 could lead to a quick drop towards the next support near 1.1055.

On a shorter-term note, 1.1280 is already a strong resistance (key resistance is at 1.1375).

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

As mentioned last week, we were not convinced that the recent GBP weakness is the start of a sustained down-move. The rebound from the low of 1.4056 last Thursday suggests that the short-term downward pressure has eased and this pair is expected to trade sideways in the coming days, likely holding between 1.4050 and 1.4250.

The strong 1.4400 resistance is not expected to come under threat for now. On the downside, the next support below 1.4050 is at 1.4000.

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AUD/USD: Neutral: Pull-back is expected to extend lower to 0.7410/15.

There is no change to the view wherein we expect the current decline in AUD to extend lower to test the 0.7410/15 support.

At this stage, a clear break below this level is not expected. Only a move back above 0.7600 would indicate the immediate downward pressure has eased.

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: Change to Neutral: Rebound has scope to extend to 114.00, 114.50.

The break above 113.00 suggests that USD has made a short-term bottom at 110.65. The current rebound is gaining momentum rapidly and from here, extension towards 114.00 and 114.50 would not be surprising.

Support is at 112.50 and the next support at 112.00 is unlikely to come under threat, at least not for the next several days.

Courtesy : efxnews.com

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