EUR/USD: Neutral: Daily closing below 1.0800 would indicate start of bearish phase.
The break of 1.0800 suggests that the downward pressure is increasing rapidly. However, we prefer to see a daily closing below 1.0800 before expecting a sustained down-move in EUR/USD. In the meanwhile, unless this pair can reclaim 1.0920 in the next few sessions, the downward pressure will continue to increase.
GBP/USD: Bearish: GBP is trying to base for a recovery.
GBP/USD made a fresh low of 1.4080 but the subsequent strong recovery continues to suggest that this pair is trying to base out for a recovery. However, confirmation of a low is only upon a break above 1.4305. In the meanwhile, another leg lower to 1.4000 cannot be ruled out just yet even though the odds for such a move appear to be rather slim.
AUD/USD: Neutral: Outlook shifts to neutral.
Rebound has room to extend to 0.7110. The break of 0.7005 indicates that the bearish phase that started about 2 weeks ago has ended. A short-term bottom is likely in place at the recent low of 0.6825/30. At this stage, the current movement is viewed as a corrective rebound but internal momentum suggests that a move higher to 0.7110 in the next couple of weeks will not be surprising.
NZD/USD: Neutral: Bias is for a stronger rebound to 0.6630. After warning of diminishing downward pressure in recent updates, NZD/USD broke above 0.6500 yesterday. While the current up-move could extend to 0.6630, only a daily closing above this level would indicate the start of bullish phase. In the meanwhile, we are neutral on this pair but the bias is clearly on the upside for now.
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