The following are the latest technical outlooks and strategies for EUR/USD, USD/JPY, GBP/USD and AUD/USD as provided by the technical strategy team at Barclays Capital. (could be different from Barclays' macro views).
EUR/USD: Geopolitical Concerns have not derailed the trend for EUR Weakness. We expect support at the year to date lows near 1.3475/1.3500 to remain under pressure; a break below this zone would likely warn of a setback to 1.3325 (100-week average and weekly cloud base). Near term, bearish pressure remains while below 1.3575.
USD/JPY: The market is ranging between 100.75/80 and 102.00 and the range is contracting, ultimately threatening to break lower. A break below 100.75 would likely confirm a move to our larger targets near 1-- and 99 as a choppy downtrend off the 2014 peaks remains in play.
GBP/USD: No change: Strong volumes near 1.7200 peak warns of selling interest around the area as the market likely stays range bound between 1.7050 and 1.7200 over the coming sessions. It would take break below 1.7050 to warn of deeper pullback and we are patiently awaiting stronger directional signals. Medium term, targets remain higher towards 1.7340 and beyond.
AUD/USD: We are looking to buy dips while support at 0.9320 underpins, targeting 0.9450. The AUD is also holding up well against the EUR with EURAUD potentially completing a Bear Flag and for AUD/NZD, a break above 1.0840 would warn of further upside.
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