Setups: EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD - Barclays
EUR/USD: We are bearish and view Friday’s ‘‘doji’’ candle as a breather from the recent sell-off. We prefer to fade upticks for a move lower towards the 1.0970 area and then the 1.0910 lows. Further out, we see room towards 1.0840 and then 1.0710.
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USD/JPY: We are overall bearish. Friday’s small basing candle and positive close today would signal a pullback within range. This would allow stretched daily studies to unwind and provide a better level to sell against the 103.40 range highs. A move below support in the 100.00 area would open our targets near the 99.00 lows.
GBP/USD: A succession of ‘‘doji’’ candles points to a pause within the overall down-move. We are bearish and look for a move through our initial downside targets near 1.2750 towards 1.2500 and then the 1.2360 area. Our greater targets are towards 1.1855.
AUD/USD: We are bearish against the 0.7650 range highs and look for a move lower towards initial targets near 0.7370 and then the recent range lows near 0.7285. Beyond there, we are looking for downside towards 0.7145.
NZD/USD: We are clinging to our bearish view. A clear break above resistance near 0.7305 would force us to abandon our view in favour of a squeeze higher towards the 0.7420 area. For now we look for a move lower towards 0.7080 and then targets near 0.6960.
USD/CAD: We are neutral and would prefer to re-sell higher. We are looking for signs of a top towards the 1.3190 range highs. Our downside targets would be towards the 1.2655 lows.
