EUR/USD: Bearish: To take partial profit at 1.1145.
While the break below 1.1230 bodes well for our bearish EUR view, the downward momentum is not as impulsive as we would like and this coupled with the strong support at 1.1145 suggests that EUR may struggle to move below this level.
As such, those who are short may like to take partial profit at this level.
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GBP/USD: Neutral: Daily close above 1.4455/60 would shift outlook to bullish.
The undertone for GBP is clearly positive but as mentioned in recent updates, only a daily closing above 1.4455/60 would indicate that the month long neutral phase has shifted to bullish.
This appears to be a likely scenario unless there is a move back below 1.4320 in the next 1 to 2 days.
AUD/USD: Bullish: Diminished odds for a move to 0.7850.
While the stop-loss for our bullish AUD view at 0.7660 is still intact, the down-move from the recent high of 0.7835 has been deeper and more resilient than expected. In other words, the odds for a move to our target have diminished.
From here, AUD has to reclaim 0.7790 within these two days or the outlook will shift to neutral (or if 0.7660 is taken out first).
NZD/USD: Neutral: Corrective pull-back has scope to extend to 0.6765.
Our recent bullish expectation for NZD was proven wrong quickly as the stop-loss at 0.6910 was taken out. We hold a neutral view now and consider the current movement as a corrective pull-back which has scope to extend lower to 0.6765.
Overall, this pair is expected to remain under pressure unless it can reclaim 0.6940.
USD/JPY: Change to Bullish: Target a move to 112.20.
The break above the key 110.65 resistance led to the strongest USD gain since October 2014 (when BOJ surprised the market by expanding its monetary stimulus measure). From here, the outlook is clearly bullish but the rapid and sharp rise is severely overbought especially from a short-term perspective and this could lead to a couple of days of consolidation first.
Looking ahead, further USD strength can be expected towards 112.20 and possibly 113.80. Strong support is at 110.60 but only a move back below 109.80 would indicate that the bullish phase has ended.