EUR/USD: Bearish: To take partial profit at 1.1055.
There is not much to add; we still believe the current EUR weakness has scope to extend lower to mid-March low of 1.1055. This is a rather strong support and those who are short from last Monday should look to cover half of their position at this level.
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GBP/USD: Shift from neutral to bullish: Anticipating a break above 1.4770.
The ease of which last week’s 1.4663 top is taken out coupled with the strong daily closing has shifted the outlook to bullish again. From here, we are targeting a break above the month’s high of 1.4770. The next resistance above this level is closer to 1.4890. Stop-loss is at 1.4550 even though 1.4625 is already a strong support.
AUD/USD: Neutral: In a lower range of 0.7150/0.7350. [No change in view]
While the undertone for AUD is weak, lackluster momentum indicators continue to suggest that the current weakness is unlikely to be sustained. Overall, we prefer to hold a neutral view for now and would reassess our view if there is clear move beyond the current expected 0.7150/0.7350 range.
NZD/USD: Neutral: Increasing downward pressure.
While the outlook for NZD is still deemed as neutral for now, downward pressure is increasing and a clear break below would indicate the start of a sustained down-move to 0.6670. Overall, this pair is expected to remain under pressure in the next few days unless it can reclaim 0.6775/80.
USD/JPY Neutral: Bullish only if above 110.60.
There is no change to the current neutral outlook for USD. Last week 110.55/60 peak is likely a short-term top but momentum indicators do not suggest that a sustained period of USD weakness is imminent. Support is at 109.00 followed by 108.40.