Short-Term Targets for GBP, EUR, USD, JPY, AUD and NZD: Barclays
- Written by: Gary Howes
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Barclays update us with their latest forecast targets for the G10. In a note to clients released on Thursday the 5th of April Barclays write:
EUR/USD: We have turned bearish following Wednesday’s low close. We are looking for a short-term squeeze lower towards targets near 1.1360.
GBP/USD: Yesterday’s low close confirms the prior topping candle and encourages us to adopt a more bearish short-term view towards support in the 1.4390 area.
AUD/USD: We are cautiously bearish and look for a squeeze lower in range. Our targets are towards support in the 0.7330 area where we would look for signs of a base and a period of consolidation. (Deutsche reckon it's not too late to chase the Aussie lower).
NZD/USD: We are bearish against the 0.7055 range highs. A move below initial targets near 0.6760 would open the 0.6670 area.
USD/CAD: The break above resistance near 1.2755 has prompted a stronger than initially expected corrective bounce towards resistance in the 1.2880 area. We are now looking for signs of a top against the 1.2990 range highs. Our targets are towards 1.2125 and then 1.2050/1.1915.
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USD/JPY: We have turned bullish in the short term. Yesterday’s positive close following the prior base candle, along with stretched daily studies points to a squeeze higher in range towards 108.75 where we would look for signs of a top. Overall, we are bearish towards 105.20 and then 100.75.