EUR/USD: We are overall bearish and would prefer to fade upticks against resistance in the 1.1350 area. Our downside targets are towards 1.1125 and then 1.0990.
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USD/JPY: Yesterday’s small topping candle warns of downside risk. A low close today would encourage us to become more bearish in the short term towards targets near 108.20. Below 108.20 would point lower towards our next targets near 106.40 and then 105.20.
GBP/USD: Thursday’s topping signal ahead of resistance in the 1.4680 area has prompted us to turn bearish in the short term. Our targets are towards the 1.4340 area.
AUD/USD: Yesterday’s small basing candle signals a breather from recent weakness. We are sticking with 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: Low volumes (See Figure 2) along with yesterday’s base candle helps keep us bearish. We are looking for a move below 0.6710 low to signal lower towards targets near 0.6665 and then 0.6545.
USD/CAD: No change. 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.