EUR/USD: 1.3810 capped and the market now risks a drift lower in range towards 1.3660 (retracement). Overall we remain neutral within the 1.3660 to 1.3810 range. A close below 1.3660 is needed for a stronger top.
GBP/USD: A Shooting Star pattern earlier this week warnedof a pullback towards 1.6605 (38% retracement of the recent rise). We are looking to sell rallies while 1.6825/30 caps and closer to price, in the absence of a recovery above 1.6740.
USD/JPY: We expect further range trading between 101.35 and 102.85.There is a risk that a basing pattern is forming (inverse Head and Shoulders) though it would take a close above 102.75 in the least to suggest a stronger move higher to 103.65/90.
USD/CAD: While price completed a Bullish Reversal day earlier this week, a close above 1.1090 would also complete a Bullish Reversal week. Volume is supportive of the up-move and we are staying bullish for a test of 1.1175/1.1225 and beyond to 1.1380.
