Tech Targets: EUR/USD, GBP/USD, NZD/USD, USD/JPY - UOB
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Old 06-08-2016, 09:31 AM
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Default Tech Targets: EUR/USD, GBP/USD, NZD/USD, USD/JPY - UOB

Tech Targets: EUR/USD, GBP/USD, NZD/USD, USD/JPY - UOB
08 Jun 2016 00:10 EDT

United Overseas Bank

EUR/USD: Bullish: Target 1.1400, 1.1450.

EUR traded within a tight 1.1336/1.1380 range yesterday leading to a slow-down in short-term momentum. However, looking further out, the strong rally that started late last week appears incomplete and we continue to expect a move towards 1.1400 where a break would shift the focus to 1.1450. Stop-loss for the bullish view remains unchanged at 1.1250 for now (even though 1.1300 is already a strong support).

GBP/USD: Neutral: In a broad 1.4350/1.4730 range.

The extremely wild swings in recent days have resulted in a mixed outlook for GBP. We have held a neutral stance since the middle of last week and there is no change to view. Further choppy trading is still expected in the coming days, likely within a rather broad 1.4350/1.4730 range.

NZD/USD: Bullish: Target 0.7000.

There is no change to our bullish NZD view and we continue to expect a move to 0.7000. A break above this level would shift the focus towards the year-to-date high of 0.7055. Stoploss is adjusted higher to 0.6860 from 0.6830 even though 0.6890 is already a strong short-term support.

USD/JPY: Bearish: Target 106.00.

There is no change to our bearish USD view as we continue to expect a move to 106.00. Stop-loss for this view remains unchanged at 108.10 (high of 107.89 yesterday).
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