EUR/USD: Price action on Tuesday signalled buyer capitulation and we have turned neutral as the break above 1.1495 was not sustained. A low close today would tempt us to become more bearish, but for now we are standing aside as we are awaiting more clarity.
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USD/JPY: Yesterday’s small base candle was on low volume and , as such, we are sticking with our overall bearish view. We would prefer to fade upticks towards 108.75 and look for a move lower towards initial targets near 105.20 and then lower towards greater targets in the 100.75 area.
GBP/USD: Our decision to turn bullish yesterday appears somewhat premature following the low daily close on increased volume. Risk is a squeeze lower towards support in the 1.4390 area. A low close today would encourage us to become bearish again.
AUD/USD: The move below 0.7550 has encouraged us to turn bearish. A clear break below the 0.7475 range lows would signal lower towards support in the 0.7330 area.
NZD/USD: Tuesday’s key reversal day vindicated our decision to stay bearish against the 0.7055 range highs. A move below initial targets near 0.6760 would open the 0.6670 area.