Setups: EUR/USD, USD/JPY, GBP/USD, USD/CHF, AUD/USD, NZD/USD - Barclays
EUR/USD: The move below our initial downside targets in the 1.1360 area encourages our bearish view. We are now looking for further downside towards the 1.1215 range lows.
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USD/JPY: We are neutral for now and look for signs of a top to prompt us to adopt a more bearish stance in line with our overall view for weaker USDJPY. Our initial downside targets are towards 106.40 and then 105.20.
GBP/USD: Successive topping candles have encouraged us to turn more bearish. A low close today would add to our conviction. We are looking for the move below support near 1.4355, the 100-dma, towards 1.4300 and then 1.4170.
USD/CHF: Wednesday’s bearish engulfing candle was followed by a small basing candle and gives us little reason to commit to a directional view in the short-term. Overall we prefer to buy dips for an extension higher towards the 0.9800 April highs.
AUD/USD: We have turned bearish. Yesterday’s low close confirmed Wednesday’s “spinning top” candle and signals lower. The move below 0.7260, the 200-dma encourages our bearish view towards targets near 0.7210 and then 0.7045.
NZD/USD: We are cautiously bullish following Thursday’s small topping candle. While support in the 0.6715 area underpins, we look for a move towards targets near 0.6885. From there we would look for signs of a top and downside resumption towards 0.6665 and then 0.6545.
