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Setups For EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD – Barclays

The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD as provided by the technical strategy team at Barclays Capital

EUR/USD: We were wrong to expect further downside, with ECB comments catalysing a rush of short covering. We are neutral for now. A move above 1.0980 would prompt us to turn short-term bullish for a move towards 1.1085/1.1120 where we would look for signs of a top. Our greater view is bearish towards the 1.0460 lows.

USD/JPY: Thursday’s bearish engulfing candle warns of downside risk. However, we are sticking with our bullish view while support in the 122.20 area underpins. A break below would signal a squeeze lower towards 120.70. For now we expect further upside through 123.75, our initial targets, towards the 125.30/125.85 highs.

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GBP/USD: We are bearish and look for selling interest near resistance in the 1.5200 area to cap upticks. Our downside targets are towards 1.4855 and then the 1.4565 year-to-date lows.

AUD/USD: We are overall bearish against resistance near 0.7440 and would prefer to fade upticks towards 0.7385. A break below 0.7170 would signal lower towards 0.7070 and then targets near 0.7015.

NZD/USD: We are bearish and would use upticks towards resistance in the 0.6795 area as an opportunity to sell at better levels. The range highs near 0.6900 keep us overall bearish towards 0.6430 and then lower towards the 0.6235 year-to-date lows.

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