EUR/USD: The break below our 1.1215 initial targets signals lower. We now expect further weakness towards 1.1125 and then 1.0990.
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USD/JPY: We are neutral for now and look for signs of a top under the 111.90 range highs to prompt us to adopt a more bearish stance in line with our overall view for weaker USDJPY. A move below 108.20 would signal lower towards our targets near 106.40 and then 105.20.
GBP/USD: The break above resistance in the 1.4530 area signals room for a squeeze higher in range towards the 1.4680 area. We are neutral ahead of the 1.4770/1.4800 area (range highs/200-dma) and would prefer to look for signs of a top to turn bearish.
AUD/USD: We have re-established our bearish view following the close below 0.7260, the 200-dma. Our targets are towards 0.7040 and then the 0.6825 year-to-date lows.
NZD/USD: We have turned bearish following Wednesday’s bearish engulfing candle. A move below the 0.6715 range low would endorse our view towards targets near 0.6665 and then 0.6545.
USD/CAD: The break above the 1.3015 range highs has prompted us to pare back our bearish view in the short term. Risk is a squeeze higher towards 1.3220 before sellers emerge.