United Overseas Bank with their latest weekly look at 5 pairs
EUR/USD: Bearish, immediate target at 1.0905/10 with decent odd of extending to 1.0820.
The daily closing below 1.0995 indicates that EUR has started on a move lower to 1.0905/10 (low on the day of Brexit) with decent odds of extending further to 1.0820 (low in early March). The bearish phase just started and in order to maintain the current momentum, any short-term rebound should not move back above 1.1040.
GBP/USD: Neutral: In a 1.2960/1.3320 range.
The choppy trading over the last several trading days has resulted in a mixed outlook for GBP. We continue to hold a neutral view and expect this pair to trade in a broad 1.2960/1.3320 range for now.
AUD/USD: Neutral: Pull-back has room to extend further 0.7400.
We shifted to a neutral stance last Tuesday and expected the pull-back in AUD to extend lower to 0.7445. While this level was tested and held last Friday with a low of 0.7443, the immediate pressure is still on the downside and further decline towards the next major support at 0.7400 would not be surprising. Overall, this pair is expected to remain under pressure unless it can reclaim the strong 0.7530 resistance.
NZD/USD: Bearish: Next target at 0.6895.
The outlook for NZD remains bearish and we continue to expect further decline to the next target at 0.6895.
USD/JPY: Neutral: In a 104.50/107.50 range.
We turned neutral USD last Friday and there is no change to the view. The near-term outlook remains unclear and we continue to expect broad choppy trading, likely within a 104.50/107.50 range (adjusted higher from 104.00/107.00 last Friday).
This note is from our friends at eFX News
I'm pretty much in agreement with all of that. Obviously the BOJ and FOMC could well have a say later this week, and so USDJPY is most at risk.
