EUR/USD: Neutral: Bullish if daily close above 1.1400.
The break above the major 1.1375 resistance bodes well for EUR. We have been reluctant in turning bullish but a daily close above 1.1400 would be a strong indication that EUR is ready to move towards and possibly beyond last October’s high of 1.1495.
Overall, this pair is expected to remain underpinned unless there is a move back below 1.1270.
GBP/USD: Neutral: Increasing upside risk.
While the undertone for GBP remains positive as long as the 1.4250 support is intact, this pair has to break clearly above 1.4470 and more importantly the month-to-date high of 1.4514 before a mid-term rally can be expected.
Until then, we would prefer to hold a neutral view even though there is no denying the increasing upside risk.
AUD/USD: Bullish: Upside potential limited to 0.7740.
We just turned bullish yesterday and there is no change to the view. As highlighted, the upside potential appears to be limited to 0.7740 (the next significant resistance is at 0.7850). There is no change to the stop-loss at 0.7550 but 0.7600 is already a strong support.
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NZD/USD: Bullish: Target 0.7000.
Similar to AUD/USD, we turned bullish NZD yesterday with a target at 0.7000. There is no reason to change our view at this stage.
USD/JPY: Neutral: In a broad 111.50/113.50 range now.
There is no change to the neutral view and we continue to expect USD to trade in a broad 111.50/113.50 range for now.