Setups For EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD - Barclays
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, AUD/USD, and NZD/USD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We are standing aside while the squeeze on USD longs pushed EURUSD higher towards 1.1085/1.1120 where, given stretched daily studies, we would look for signs of a top. A move below Monday’s 1.0795 low would signal lower towards 1.0700.
USD/JPY: The break below 122.20 on increased volumes triggered a small topping pattern and proved our short-term bullish view wrong. Scope is for a move lower towards targets near 120.65. Below that level would open support near 120.00, where we would look for signs of a base.
GBP/USD: The bounce off our initial downside targets in the 1.5000 area is seen as a healthy correction in the overall bearish trend. A move above 1.5200 would open better levels to sell towards 1.5275. We expect resistance near 1.5335 to keep the focus lower towards the 1.4895 lows and then our targets near 1.4855.
AUD/USD: Wednesday’s “doji” candle signals a breather from the recent downturn. We are overall bearish against resistance near 0.7440 and would look to sell towards the 0.7385 range highs. A move below our initial downside target near 0.7170 would open 0.7070 and then the 0.7015 November lows.
NZD/USD: We are overall bearish against the 0.6900 range highs and would use upticks as an opportunity to sell at better levels. Below 0.6575 would encourage our bearish view towards targets near 0.6430 and then the 0.6235 year-to-date low.
