Setups: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, NZD/USD - Barclays
EUR/USD: We are overall bearish and would prefer to sell upticks. A break above nearby resistance in the 1.1220 area would signal room towards 1.1300/50 before sellers emerge. Our downside targets are towards 1.1095 and then the 1.0990 area.
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USD/JPY: The break below support in the 109.10 area encourages our bearish view towards initial targets near 108.20. Below 108.20 would signal further downside towards our next targets in the 106.40 area and then 105.20.
GBP/USD: The recent sell-off on increased trading volumes (see Fig. 2) endorses our bearish view. We expect resistance in the 1.4670 area to cap a move towards 1.4330 and then lower towards the 1.4005 area.
USD/CHF: No change. We are neutral and would prefer to buy dips towards support in the 0.9830 area (100-dma). Our upside targets are towards parity and then the 1.0100 area.
AUD/USD: We are clinging to our bearish view. Wednesday’s spike higher and subsequent low close signals buyer capitulation. A low close today would endorse downside towards 0.7040 and then the 0.6825 year-to-date lows. A sustained break above 0.7260 would signal a squeeze higher towards 0.7370 before sellers emerge.
NZD/USD: We are overall bearish following May’s monthly bearish engulfing candle. We look for resistance near 0.6850 to keep the focus lower. Our downside targets are towards 0.6665 and then 0.6545.
