EUR/USD: Neutral (since 29 May 17, 1.1180): In a 1.1120/1.1220 range.
EUR eased off quickly after touching a high of 1.1219 yesterday. The immediate outlook remains mixed and the current neutral phase has been intact for close to one month now. At this stage, there is no early indication that this pair is about to embark on a sustained directional move. However, a break out of the expected 1.1120/1.1220 consolidation range should provide additional clue.
GBP/USD: Neutral (since 26 Jun 17, 1.2720): In a 1.2640/1.2820 range.
GBP moved into neutral phase late last week when 1.2720 was taken out. The current movement is viewed as part of a neutral consolidation phase and we expect this pair to trade sideways within a broad 1.2640/1.2820 range for now.
AUD/USD: Neutral (since 21 Jun 17, 0.7580): In a 0.7525/0.7630 range.
There is not much to add as AUD is still clearly in a consolidation phase. The recent short-term downward bias has eased and from here, this pair is expected to trade sideways between 0.7525 and 0.7630.
NZD/USD: Neutral (since 16 Jun 17, 0.7205): In a higher range of 0.7230/0.7350.
NZD has been rather resilient, moving above the strong 0.7275 resistance to hit a high of 0.7311 yesterday. That said, we are not convinced that this pair is ready to re-enter a bullish phase. However, an intraday move above the recent high of 0.7320 is not ruled out but a sustained up-move is unlikely. Overall, this pair is expected to trade at these higher levels, likely between 0.7230/0.7350.
USD/JPY: The strong rally in USD is accompanied by strong upward momentum and appears incomplete.
Further up-move is expected but 112.10 is a strong resistance and may not be easy to break. That said, a break of this level could lead to a rapid rise to 112.50. Support is at 111.55 but only a move back below 111.35 would indicate that a temporary top is in place.
Source: United Overseas Bank Global Economics & Markets Research
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