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PIG TODAY-23.01.2017-Tech Targets: EUR/USD, GBP/USD, USD/JPY, AUD/USD, NZD/USD - UOB

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bily

| Published on

January 22, 2017

EUR/USD: Neutral: Expect further upward grind towards 1.0765, possibly 1.0820.

The undertone for EUR has improved considerably and from here, further upward grind towards 1.0765 seems likely. A move above this level would shift the focus towards 1.0820. Overall, only a move below 1.0640 would indicate that the immediate upward pressure has eased.

GBP/USD: Neutral: Rebound to extend further towards 1.2480.

We noted last Friday that GBP is expected to stay underpinned as long as 1.2250 is intact. GBP touched a low of 1.2262 but recovered strongly and we continue to expect the current short-term GBP strength to extend higher towards 1.2480. In order to maintain the current positive momentum, any pull-back should not move back below 1.2260/65. Looking further ahead, a clear break above 1.2480 would indicate that GBP could move much higher in the coming weeks (next resistance at 1.2570).

AUD/USD: Bullish: Focus is at 0.7630 now.

AUD traded mostly sideways last Friday and there is nothing much to add. The bullish phase that started about 2 weeks ago is still intact until 0.7490 is taken out. On the upside, the level to focus on is at 0.7630 (where a break could lead to a quick move towards 0.7680).

NZD/USD: Bullish: 0.7250 is back in sight. [No change in view].

NZD dipped to a low of 0.7116 yesterday, coming close to the stop for our bullish view at 0.7095. The subsequent sharp rebound is a welcomed surprise and from here, 0.7250 appears to be back in sight. In other words, the bullish phase that started last Friday (13 Jan) is still intact and a move above last month’s 0.7250 high would shift the focus towards 0.7300 next.

USD/JPY: Neutral: Below 113.50 indicates a move towards 112.55/60 has started.

USD opened lower this morning and is currently approaching 113.50. A clear break below this level would indicate a move towards 112.55/60 has started. In the next few days, USD is expected to stay under pressure unless it can move back above 115.00.

Source: efxnews.com