The following are the latest technical outlooks and strategies for EUR/USD, GBP/USD, USD/JPY and AUD/USD as provided by the technical strategy team at Barclays Capital.
EUR/USD: We remain cautious of the squeeze higher in EUR/USD given the stretched daily studies and look for signs of a top as we approach the range highs near 1.3740. A break above 1.3740 is needed to throw in the towel and suggest a move toward the 1.3895 highs.
GBP/USD: The break above 1.6750, the 2011 peaks warns of further upside squeeze as the USD loses ground against the major currencies. A close above 1.6750 would signal a run toward 1.6880 and then the 2009 peak at 1.7045 where we expect sellers to emerge.
USD/JPY: Support near 101.30 is providing interim buying interest, although we do not rule out a squeeze lower toward the 100.75 lows where we would look for a base. Intraday resistance is at 102.25.
AUD/USD: We prefer to fade upticks against resistance in the 0.9080/0.9100 area and look for a move lower toward targets near 0.8825 and then the 0.8655 lows.
