Setups: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, NZD/USD - Barclays
17 May 2016, 21:38
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EUR/USD: No change. Our bearish view was encouraged by the close below support in the 1.1360 area. Our next targets are towards the 1.1215 range lows and then lower towards 1.1125.
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USD/JPY: No change. We are neutral for now and look for signs of a top to prompt us to adopt a more bearish stance in line with our overall view for weaker USDJPY. Our initial downside targets are towards 106.40 and then 105.20.
GBP/USD: We are paring back our bearish view. Support near 1.4345, the 100-dma, is providing buying interest and a move above nearby resistance in the 1.4530 area would signal a squeeze higher in range towards 1.4605 as stretched studies unwind.
USD/CHF: We are neutral. Overall, we prefer to buy dips and look for a break above initial targets near the 0.9800 April highs to signal further upside towards 0.9840/0.9885.
AUD/USD: We have turned neutral following Monday’s small basing candle (Doji). A move above initial upside targets near 0.7405 would signal higher in range towards 0.7465/0.7535.
NZD/USD: No change. We are neutral as price chops in a 6715/0.6850 range. A break below 0.6715 would make us more bearish towards targets near 0.6665 and then 0.6545.
