The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, and USD/CAD as provided by the technical strategy team at Barclays Capital.
EUR/USD: The break above initial resistance in the 1.1050 area signals a stronger than originally anticipated pullback. We are overall bearish against the 1.1215 range highs and look for a move lower towards 1.0815 and then 1.0675 ahead of the 1.0460 year-to-date lows.
USD/JPY: Safe-haven flow has encouraged us to turn bearish in the short term. We are looking for a move lower in range towards 122.00 where we would then look for signs of a base. The 120.40 lows are expected to underpin the overall up-move towards the 125.85 highs.
GBP/USD: A bullish “hammer” candle on Friday signals buying interest ahead of support in the 1.5450 area. We look for a move higher in range towards 1.5595. A move above the 1.5675 range highs is needed to signal higher towards our targets near 1.5800 and then the 1.5930 year-to-date highs.
USD/CAD: Profit taking emerged following the break above our targets near the 1.3065 multi-year highs. Subsequent weakness is expected to find buying interest near 1.2915. We would look to buy dips for a move above 1.3105 towards 1.3250 and then the 1.3465 area.
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