SETUPS: EUR/USD, USD/JPY, GBP/USD, EUR/CHF, AUD/USD, NZD/USD - BARCLAYS
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, EUR/CHF, AUD/USD, and NZD/USD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We have turned bearish following subsequent “doji” topping candles. A low close today would encourage our bearish view towards initial targets near 1.1290 and then the 1.1220 area (near the 21-dma).
USD/JPY: Our bearish view was encouraged by the test of our initial downside targets in the 110.35/05 area. A move below Tuesday’s 109.95 low would confirm downside traction towards support near 109.60 and then towards the 107.60 area. Our greater targets are near 106.65.
GBP/USD: We are bearish and look for a move lower towards initial targets near 1.4050. A break below 1.4050 would signal lower towards the 1.3835 year-to-date low.
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EUR/CHF: Low trading volumes on yesterdays sell-off to our targets near the 1.0870 range lows points to lack of investor conviction and we have decided to turn neutral for now. We are looking for signs of a base near 1.0845, the 200-dma and would turn bullish for a move back towards the 1.1025 range highs.
AUD/USD: We are overall bullish and look for the 0.7475 range lows underpin a move higher. Our initial targets are at the 0.7725 recent highs. Beyond there we look for a move towards our greater targets in the 0.7880 area.
NZD/USD: We are bearish and look for a move lower towards targets are towards the 0.6670 area. A break below 0.6670 would encourage our bearish conviction towards targets near 0.6545.
