Setups: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, USD/CAD - Barclays
EUR/USD: Friday’s unexpected rally through 1.1350 on increased volumes makes us more bullish in the short term.
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A move above 1.1375 would signal higher towards targets in the 1.1420/50 area. Overall we are bearish against the 1.1620 highs.
USD/JPY: Our bearish view was encouraged by the break below our targets near 106.40. Our next targets are in the 105.35/105.20 area. Further out we see room towards 100.70.
GBP/USD: We are bearish and look for a move below the 1.4330 area to signal double-top under the 1.4770 highs. Our initial targets are towards the 1.4090 area. A move below there would signal downside towards 1.4005.
USD/CHF: The break below support in the 0.9830 area has forced us to expect further downside in the short term. We are looking for a move lower towards our targets in the 0.9640/60 area.
AUD/USD: We were wrong to expect further weakness following Thursday’s bearish “engulfing” candle. A broadly weaker USD has prompted a rally through the 0.7370 area. We are neutral and look for signs of a top to re-establish a bearish view.
USD/CAD: Friday’s “engulfing” candle encourages our bearish view. We are looking for a move below 1.2910 to signal a larger top under 1.3190 and room lower towards targets near 1.2770 and then 1.2675.
