Setups: EUR/USD, USD/JPY, GBP/USD, EUR/JPY, AUD/USD, USD/CAD - Barclays
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, EUR/JPY, AUD/USD, and USD/CAD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We are overall bearish. While price closes below resistance near 1.1050 (200-dma), scope is lower in range towards 1.0850 and then the 1.0710 lows. An unexpected close above 1.1050 would force us to allow for short-term upside towards 1.1140 before looking for a top.
USD/JPY: Wednesday’s small basing candle signals profit taking on JPY longs. We would prefer to fade upticks within context of the broader bearish trend. Selling interest is expected in the 115.05 area. A move below 110.95 would endorse our bearish view towards our initial targets near 110.35/05.
GBP/USD: We are bearish and look for a move below nearby support in the 1.3850 area to encourage our bearish view. Our targets are towards 1.3500, near the 2009 range lows.
EUR/JPY: Thursday’s up-close endorses the prior short-term base candle and signals scope for a bounce within range. We prefer to fade upticks towards 125.75. Resistance in the 128.20 area is expected to keep the overall focus lower towards our initial downside targets in the 122.00 area and then lower towards 120.00.
AUD/USD: We look for resistance near 0.7265, the 200-dma to cap upticks and help keep our bearish view. A move below initial targets near 0.7070 would point lower towards 0.6970 and then the year-to-date lows near 0.6825.
USD/CAD: The break below 1.3640 has prompted us to become more bearish in the near term towards targets near the 1.3460 former range lows. It would take a daily close above 1.3815 (21-dma) in the least to signal scope for a move higher in range towards 1.4100/1.4330.
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