EUR/USD: We have turned neutral in the short term following a succession of higher daily closes. Overall, we would prefer to fade gains against the 1.1465 range highs. A move below initial targets near 1.1210 would confirm our bearish view towards the 1.1145 range lows and then the 1.1065 area.
USD/JPY: The break below support in the 110.65 area signals further downside. A move below the 1.0760 lows would signal lower towards our targets near 106.65 and then 106.10.
GBP/USD: Yesterday’s “inside day” signals that upside traction is fading. A low close today would make us more bearish. We prefer to fade upticks against the 1.4670 highs and look for a move below initial targets near 1.4300 to open the 1.4005 range lows. Beyond there we look to retest the 1.3835 year-to-date lows.
AUD/USD: We are neutral. A move below 0.7550 would signal lower towards the 0.7475 range lows where we would look for a short-term base. Breaking below 0.7475 however, would force us to assume a deeper setback.
NZD/USD: We are bearish and look for selling interest around the 0.7055 area to cap a move lower towards targets near 0.6760 and then the 0.6670 area.
USD/CAD: A move below our next downside targets near 1.2510 would point lower towards 1.2125 and then 1.2050/1.1915. Having reached 0.9540 in AUDCAD, we now look lower towards 0.9365.
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