Setups: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, NZD/USD - Barclays
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, and NZD/USD as provided by the technical strategy team at Barclays Capital.
EUR/USD: Resistance in the 1.0985 area helps to keep our focus lower. A move below 1.0775 would encourage our bearish view towards initial targets near 1.0710. Below there would open next targets near 1.0640 and then the 1.0520 range lows.
USD/JPY: We were wrong to expect selling interest near 118.90 to provide a cap, as the unexpected BoJ rate cut triggered further JPY weakness. Risk is for a move higher in range towards the 122.10 area, where we would look for signs of a top. A move back below the 118.85 area is needed to suggest scope for resumed downside towards 115.95/115.65.
GBP/USD: We are bearish and expect resistance in the 1.4520/65 area to help keep the focus lower. Below nearby support at 1.4170 would encourage our bearish view towards targets near 1.4040 and then the 1.3930 area.
USD/CHF: The move above resistance in the 1.0215 area helps to encourage our bullish view. We are looking for an extension higher towards targets near the 1.0330 highs. Nearby support is in the 1.0115 area.
AUD/USD: The move above the 0.7100 area has forced us to pare back our bearish view and risk has increased of a stronger bounce within the 0.6825/0.7385 range. Overall, the trend is still bearish and we would prefer to fade upticks towards 0.7260. Our initial downside targets are near 0.6915 and then the 0.6825 lows.
NZD/USD: We are bearish and look for selling interest near 0.6590 to cap a move lower. Initial targets are towards 0.6290 and then 0.6235, the 2015 lows.
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