Tech Targets: EUR/USD, GBP/USD, AUD/USD, NZD/USD, USD/JPY - UOB
EUR/USD: Bearish: To take partial profit at 1.1145.
As highlighted yesterday, despite breaking below 1.1230, the downward momentum is not as impulsive as we would like. Furthermore, the target of 1.1145 is a strong support and EUR would likely struggle to move clearly below this level.
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Those who are short should look to take partial profit at 1.1145.
GBP/USD: Change to Bullish: Target a move to 1.4670/75.
We have held a neutral view on GBP for about a month now and as highlighted in recent updates, a daily closing above 1.4455/60 would indicate that GBP is ready to move higher in the weeks ahead.
The immediate target is for a test of the 1.4670/75 high seen in early February (this is a formidable resistance and may not be easy to breach). In order to maintain the current impulsive momentum, any short-term pull-back should not move back below 1.4380 even though 1.4435 is already a strong support.
AUD/USD: Bullish: Diminished odds for a move to 0.7850.
While the stop-loss for our bullish AUD view at 0.7660 is still intact, the down-move from the recent high of 0.7835 has been deeper and more resilient than expected. In other words, the odds for a move to our target have diminished.
From here, AUD has to reclaim 0.7790 within these two days or the outlook will shift to neutral (or if 0.7660 is taken out first).
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/JPY 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.
