EUR/USD: Bullish: Take partial profit at 1.1245.
The overnight high has been 1.1242 which was just below the 1.1245 target that was first indicated last Friday.
As mentioned several time in recent updates, the upside potential is limited and those who are long should look to take partial profit at 1.1245. The next resistance is at 1.1300.
GBP/USD: Bearish: Immediate target at 1.4000.
GBP dropped to a low of 1.4053 but the subsequent sharp rally certainly does not bode well for our bearish view.
However, only a move above 1.4305 would indicate that our view is wrong.
NZD/USD: Neutral: Bullish only if daily closing above 0.6820.
Despite the strong overnight rebound, we prefer to wait for a daily close above the recent high of 0.6820 before turning bullish.
In the meanwhile, NZD is expected to remain underpinned unless it can move back below 0.6670 in the next 1 to 2 days.
USD/JPY: Neutral: Still neutral, back in a broad 112.00/114.55 range.
We have held a neutral view since the middle of last month and at this stage, there is no change in our outlook.
Further choppy can be expected, likely in a broad 112.00/114.00 range.
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