EUR/USD: Neutral: In a broad 1.1130/1.1385 range.Despite the smart rebound from the 1.1235/40 support, we view the up-move as part of a broader consolidation. However, the current neutral outlook for EUR would shift to bullish if there is a daily closing above 1.1385 (with an immediate target of 1.1445). At this stage, it is unclear whether EUR can move above this level but on a shorterterm note, the undertone appears to be positive with strong support at 1.1235/40.
GBP/USD: 1.4795 Bullish; immediate target at 1.5020.As highlighted in recent updates, a daily closing above the major 1.4770 resistance would indicate that the outlook for GBP has shifted to bullish. Upward momentum is improving at a rapid pace and the immediate target from here is for a move to 1.5020. In view of the elevated volatility, the stop-loss is placed at 1.4560 even though 1.4640 is already a strong shorter-term support. The next resistance above 1.5020 is closer to 1.5110 followed by 1.5335.
AUD/USD: Shift from neutral to bullish: Immediate target at 0.7600.The clear break 0.7505 has shifted the outlook for AUD to bullish. The immediate target is at 0.7600 and stop-loss at 0.7440.
NZD/USD: Shift from neutral to bullish: Immediate target at 0.7280.As highlighted in recent updates, a daily closing above 0.7145/50 would shift the neutral outlook to bullish. The immediate target is at 0.7280 with a stop-loss at 0.7100.
USD/JPY: Bearish: To take partial profit at 103.50/55.As highlighted in the Chart of the Day update yesterday, downward momentum has waned considerably and this coupled with oversold indicators suggests diminished odds for further USD weakness. Shorts should look to take profit on any dip to 103.50/55. Stop-loss is unchanged at 105.10.
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