The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, AUD/USD, NZD/USD, and USD/CAD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We were wrong to expect selling interest near 1.1060 to provide a cap. The move above Wednesday’s 1.1145 high signaled further squeeze towards the 1.1225/45 area before sellers emerged. Below 1.1050 is needed to alleviate current bullish pressure.
USD/JPY: Our bearish view was encouraged by the break below support in the 118.85 area. We are now looking for further downside towards targets near 115.95 and then 115.65.
GBP/USD: Resistance in the 1.4520/65 area provided ineffective to Wednesday’s USD sell-off and we are now standing aside. Overall the trend is bearish, but we cannot rule out further short-term upside towards 1.4770.
AUD/USD: Wednesday’s USD sell-off and broad risk rally proved our expectation of resumed AUDUSD downside premature. Risk in the short term is a move higher in range towards 0.7265. We still prefer to fade upticks and are overall bearish against the 0.7385 greater range highs.
NZD/USD: Lack of selling interest near 0.6590 proved our bearish view wrong. We now see room for a squeeze higher towards 0.6770 before sellers return. The 0.6900 range highs (near the 52-week average) help keep our greater view bearish.
USD/CAD: The unexpected reversal in crude oil prices spurred further USDCAD weakness. We are standing aside for now as risk is for a squeeze lower towards the 1.3540/55 area before stabilising. The overall trend is still higher.
'This content has been provided under specific arrangement with eFXnews.'
eFXnews is a financial news and information service. Articles and other information distributed in this service and published on this site are provided in general terms and do not take account of or address any individual user's position. To the extent that some of these articles include suggestions as to various possible investment strategies which users might consider, they do so in only general terms without reference to the personal factors which should determine any user's investment decisions to buy or sell a specific security or currency.
The service and the content of this site are provided and distributed on the basis of “AS IS” without warranties of any kind either, express or implied, including without limitations, warranties of title or implied warranties of merchantability or fitness for a particular purpose. eFXnews and its employees, officers, directors, agents, and licensors do not also warrant the accuracy, completeness or timeliness of the information in any of the articles and other information distributed in this service and included on this site, and eFXnews hereby disclaims any such express or implied warranties; and, you hereby acknowledge that use of the service and the content of this site is at you sole risk.
In no event shall eFXnews and its employees, officers, directors, agents, and licensors will be liable to you or any third party or anyone else for any decision made or action taken by you in your reliance on any strategy and/or advice included in any article and other information distributed in this service and published in this site.
Recommended Content
Editors’ Picks
AUD/USD remains under pressure from RBA rate decision
AUD/USD spiked lower by more than 20 pips following the RBA rate announcement to test the key psychological support at 0.6600. Losing this key level could see the currency pair trek lower towards the 100-hour EMA support near 0.6580.
EUR/USD edges lower to near 1.0750 due to the upward correction in the US Dollar
EUR/USD snaps its four-day winning streak, trading around 1.0760 during the Asian hours on Tuesday. However, the Euro found support from higher-than-expected Eurozone Purchasing Managers Index data released on Monday.
Gold price extends its upside as markets react to downbeat jobs data
Gold price extends its recovery on Tuesday. The uptick of the yellow metal is bolstered by the weaker US dollar after recent US Nonfarm Payrolls (NFP) data boosted bets that the Federal Reserve would cut interest rates later this year.
Bitcoin miner Marathon Digital stock gains ground after listing by S&P Global
Following Bitcoin miner Marathon Digital's inclusion as an upcoming member of the S&P SmallCap 600, the company's stock received an 18% boost, accompanied by an $800 million rise in market cap.
The impact of economic indicators and global dynamics on the US Dollar
Recent labor market data suggest a cooling economy. The disappointing job creation and rising unemployment hint at a slackening demand for labor, which, coupled with subdued wage growth, could signal a slower economic trajectory.