A technical look at the major forex pairs from Barclays.
The following are the latest technical setups for EUR/USD, USD/JPY, GBP/USD, and AUD/USD as provided by the technical strategy team at Barclays Capital.
EUR/USD: No change. The upside squeeze in EURUSD points towards resistance in the 1.1535/1.1585 area, where we would look for signs of a top. Our preference is to fade upticks in line with our greater bearish view for a move back towards initial targets near 1.1055.
USD/JPY: We are bullish and look for a move higher towards initial upside targets near 120.50 and the 120.85 area. A move above 120.85 would point higher towards the 122.05 highs. The 118.15/118.30 range lows provide buying interest on dips.
GBP/USD: We have pared back our bullish view following the first down-day in almost two weeks. Risk is a short-term dip within range towards 1.5535 before a base can form. The overall trends is bullish towards 1.5830 and then the 1.5880 area.
AUD/USD: Friday's low close confirms Thursday's topping candle and compelled us to re-establish a bearish view. We look for a move lower towards our initial downside targets towards 0.7915. Below 0.7915 would then open targets near 0.7775.
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