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

EUR/USD: Neutral: Daily closing below 1.0990 would shift outlook to bearish.

For three days in a row, EUR dipped below the crucial 1.0990 support but each time, it rebounded to close above. As highlighted in recent updates, only a daily closing below 1.0990 would shift the current neutral outlook to bearish.

In the meanwhile, the downward pressure appears to have eased somewhat but only a clear move above 1.1085 would indicate that a short-term low is in place.

GBP/USD: Bearish: Extension to 1.3800 not ruled out but odds are not high.

As pointed out yesterday, while the outlook for GBP is still viewed as bearish, severely oversold conditions coupled with early signs of momentum slowing down suggests low odds of extension lower to the next support at 1.3800 (partial profit taken at 1.3930).

However, confirmation of a short-term low is only upon a move above the stop-loss at 1.4075. 

AUD/USD: Bullish: Immediate target at 0.7325/30.

The stop-loss for out bullish view at 0.7130 is still intact as AUD dipped to a low of 0.7156 yesterday.

We remain optimistic that this pair will break above the recent 0.7260 high but the 0.7325/30 target may be out of reach until early or middle of next week.

NZD/USD: Change to Bullish: Target a move to 0.6840.

Ideally, we would likely to see a daily closing above 0.6750 before adopting a bullish stance but the rapid and sharp rise in NZD yesterday was accompanied by rather impulsive momentum.

In other words, we believe the current movement is the early stages of bullish phase with an immediate target at 0.6840.

USD/JPY: Neutral: Downward pressure has eased; in a broad 111.00/114.50 range now.

As pointed out yesterday, despite the generally negative undertone, we are not convinced that USD is in a bearish phase unless there is a daily closing below 112.00. The sharp rebound yesterday indicates that the recent downward pressure has eased but it is too early to expect a bullish reversal.

For now, we expect this pair to trade in a broad 111.00/114.50 range.

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