Setups For EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD - Barclays
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, and USD/CAD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We were wrong to expect selling interest near 1.1060 to provide a cap. The move above Wednesday’s 1.1145 high signaled further squeeze towards the 1.1225/45 area before sellers emerged. Below 1.1050 is needed to alleviate current bullish pressure.
USD/JPY: Our bearish view was encouraged by the break below support in the 118.85 area. We are now looking for further downside towards targets near 115.95 and then 115.65.
GBP/USD: Resistance in the 1.4520/65 area provided ineffective to Wednesday’s USD sell-off and we are now standing aside. Overall the trend is bearish, but we cannot rule out further short-term upside towards 1.4770.
AUD/USD: Wednesday’s USD sell-off and broad risk rally proved our expectation of resumed AUDUSD downside premature. Risk in the short term is a move higher in range towards 0.7265. We still prefer to fade upticks and are overall bearish against the 0.7385 greater range highs.
NZD/USD: Lack of selling interest near 0.6590 proved our bearish view wrong. We now see room for a squeeze higher towards 0.6770 before sellers return. The 0.6900 range highs (near the 52-week average) help keep our greater view bearish.
USD/CAD: The unexpected reversal in crude oil prices spurred further USDCAD weakness. We are standing aside for now as risk is for a squeeze lower towards the 1.3540/55 area before stabilising. The overall trend is still higher.
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