EUR/USD: Neutral: Daily close above 1.1400 would target 1.1460/65 and beyond.
As mentioned yesterday, while the outlook for this pair is deemed as neutral (between 1.1200 and 1.1400), the odds for a break above 1.1400 are higher than for a break below 1.1200.
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Upward momentum has improved considerably and a daily closing above 1.1400 would indicate the start of a move to and likely beyond the month-to-date high of 1.1460/65. Overall, this pair is expected to remain underpinned unless there is a move back below 1.1290
GBP/USD: Bullish: To take partial profit at 1.4670.
The bullish GBP phase that started earlier this week is still clearly intact. However, as mentioned previously, 1.4670 is a strong resistance and those who are long should look to take partial profit here.
A clear break above this level would shift the focus towards the year-to-date high of 1.4815.
AUD/USD: Bearish: Pull-back to extend lower to 0.7475/0.7520.
We turned bearish AUD yesterday and expect the current pull-back to extend lower to test the major 0.7475/0.7520 support.
As highlighted, in order to maintain the impulsive downward momentum, any short-term rebound should not move back above 0.7690.
NZD/USD: Neutral: In a 0.6800/0.7000 range.
The upward momentum is more resilient than expected and a break above the top end of our expected 0.6800/0.7000 sideway range would not be surprising. That said, the current up-move appears to be running ahead of itself and a move beyond the month’s high of 0.7055 appears unlikely at this stage.
Overall, this pair is expected to stay firmed in the next few days with solid support at 0.6875.
