Setups: EUR/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD - Barclays
EUR/USD: We prefer to fade upticks towards resistance in the 1.1490 area. A move below our initial targets near 1.1360 would confirm downside traction towards 1.1300 and then the 1.1215 range lows.
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USD/JPY: We are neutral for now and look for signs of a top to prompt us to adopt a more bearish stance in line with our overall view for weaker USDJPY. Our initial downside targets are towards 106.40 and then 105.20.
USD/CHF: Yesterday’s bearish engulfing candle warns of further downside. A low close today would signal lower in range before buyers emerge. Overall we prefer to buy dips for an extension higher towards the 0.9800 April highs.
AUD/USD: Wednesday’s “spinning top” candle has prompted us to abandon our short-term tactically bullish view. A low close today would encourage us to turn bearish. A move below 0.7300 would open targets near 0.7210 and then 0.7045.
NZD/USD: Our bullish view was encouraged by yesterday’s up-day. We are looking for a move towards targets near 0.6885. From there we would look for signs of a top and downside resumption towards 0.6665 and then 0.6545.
USD/CAD: Unwinding momentum studies help to endorse our bearish view. We are looking for a move lower towards 1.2740 and then the 1.2460 lows.
