EUR/USD: Neutral: Positive undertone; bullish only if above 1.1250.
While the key short-term support at 1.1100 is still intact, last Friday’s EUR strength was fleeting and the 1.1221 high did not threaten the top end of the expected sideway trading range of 1.1020/1.1250. From here, the undertone for EUR is viewed as positive but only a clear break above 1.1250 would indicate the start of a sustained up-move. 1.1100 continues to act as a strong near-term support.
GBP/USD: Bearish: To take partial profit at 1.2850. [No change in view]
The slow drift lower in GBP is in line with our bearish expectation. The target is still at 1.2850 but as highlighted yesterday, the internal momentum is not strong and this level is unlikely to yield so easily. Those who are short may likely to take partial profit at this level. In the meanwhile, the stop-loss for the bearish is view is adjusted lower to 1.3075 from 1.3130 previously.
AUD/USD: Shift from bullish to neutral: In a 0.7595/0.7725 range.
AUD/USD trades down to 0.7640 at the time of writing and this indicates that the bullish phase that started more than a week ago has ended. The current outlook is deemed as neutral within a broad 0.7595/0.7725 range even though the near-term bias is for a probe lower to 0.7595 first
USD/JPY: Neutral: In a 100.50/102.80 range.
USD has been trading mostly sideways in the past 2 weeks. Flat indicators continue to suggest a neutral outlook for this pair and only a clear break out of the expected sideway trading range of 100.50/102.80 would indicate the start of a directional move. That said, the odds for a break below 100.50 are markedly higher compared to a move above 102.80.
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