Technical Target Berdasarkan Analisis UOB Bank

EUR/USD: Neutral: Immediate upwards pressure towards 1.0750.

EUR hit a high of 1.0714 yesterday before pulling back sharply. Despite the pull-back, the undertone is still positive and another attempt higher towards 1.0750 still seems likely (after the current short-term consolidation phase is over). Only a move back below 1.0615 would indicate that the immediate upward pressure has eased.

GBP/USD: Shift from bearish to neutral: In a 1.2100/1.2300 range.

While we indicated yesterday that “GBP is trying to form a base”, the sharp bounce that easily took out the trailing stop-loss for our bearish view at 1.2230 came as a surprise (overnight high of 1.2251). The bearish phase that started earlier this month  has ended and the revised target of 1.2100 was not met (low of 1.2133 last Friday). The current movement is viewed as the early stages of a consolidation phase and GBP is expected to trade within a 1.2100/1.2300 range from here.

AUD/USD: Neutral: In a 0.7490/0.7620 range.

As noted yesterday, the recent pull-back is showing signs of stabilizing but it is too early to expect a sustained recovery. AUD hit a high of 0.7592 but eased off quickly. While the undertone has improved somewhat, we still view the current movement as part of a 0.7490/0.7620 consolidation range.

NZD/USD: Neutral: Early and tentative signs of basing. [No change in view]

As noted last Friday, the pace of the decline in NZD has slowed and it is getting increasingly likely that this pair is trying to form a short-term base. That said, it’s early days yet even though the odds for a break below last December’s low near 0.6860/65 have diminished. In the meanwhile, NZD is expected to trade sideways at these lower levels, likely within a 0.6880/0.6980 range.

USD/JPY: Neutral: In a 113.60/116.60 range. [No change in view]

We highlighted last Friday that only a clear break of 115.60 would shift the current neutral outlook to bullish. While a failure to move above this level was not unexpected, the sharp and rapid drop from a high of 115.50 came as a surprise. The recent build-up in upward momentum has eased and while the undertone is still generally positive, USD appears to have move into a 113.60/115.60 consolidation range that could last for several days.