Setups: EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, USD/CAD - Barclays
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, and USD/CAD as provided by the technical strategy team at Barclays Capital.
EUR/USD: No change. Selling interest in the 1.1050 area, near the 200-dma helps keep our focus lower. Our targets are towards 1.0825 and then lower towards the 1.0710 range lows.
USD/JPY: Small topping candles (“dojis”) encourage our bearish view. A low close today would signal lower towards support near 112.15 and then our initial targets near 110.95. A move below 110.95 would open our next targets near 110.35/05.
GBP/USD: The unexpected close above resistance near 1.4215, the 21-dma signals risk of a squeeze higher in range towards 1.4350. Given the declining trade volumes, we prefer to look for signs of a top to re-establish a bearish view for 1.3835 and then the 1.3500 area.
AUD/USD, AUD/NZD: We are neutral following the break above the 0.7385 range highs. A close below 0.7420 would signal a small top and room back towards 0.7385. It would take a break below the 0.7250 area to signal resumption of the greater down-move towards 0.6825. The move above 1.0975 in AUDNZD encourages our bullish view towards 1.1090. Above the latter opens targets near 1.1230 next.
NZD/USD: Monday’s topping candle encourages our bearish view. We expect the range highs near 0.6890 to cap a move lower towards our targets near 0.6545. Our greater targets are at the 0.6350 range lows.
USD/CAD: We are bearish and would fade upticks against the 1.3640 area (21-dma). Our downside targets are towards 1.3230 and then lower towards 1.3060, the 2009 former range highs.
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