19 December, AtoZForex.com, London – The strategy team at Barclays Capital has shared trading strategies for five major currency pairs for currency investors to acknowledge. The following are Barclays Monday’s technical setups for EURUSD, USDJPY, GBPUSD, AUDUSD, and NZDUSD.
Starting Barclays Monday’s technical setups, the strategy team remains bearish and looks for a break below last week’s low at 1.0795 to confirm downside momentum towards the next targets near 1.0730 area and then the 1.0520 range lows.
Moving on to Yen, selling interest, after the BoJ press conference, near Barclays initial upside targets in the 123.75 area suggests further short term sideways fluctuation and risk of a move back within the consolidation range.
“We have turned neutral for now and look for a break above 123.75 to encourage us to re-establish a bullish view towards the 125.85 year to date highs,” Barclays added.
Barclays’ bearish view on the Cable was encouraged by the increased volume on the recent down-move as currency investors endorsed the lower prices, and also the break through initial targets at 1.4895.
“Our next targets are in the 1.4855 area. Greater downside targets are towards the 1.4565 year to date lows,” Barclays added.
Moving on to commodity currencies, the break below a support near 0.7160 level encourages the team’s bearish view and triggers a topping formation under the 0.7385 highs.
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“A move below our initial downside target near 0.7070 would open our next targets towards the 0.7015 November lows and then the 0.6930 area.” Barclays projects.
Finishing Barclays Monday’s technical setups, selling interest near the range highs at 0.6900 is expected to cap any bullish upticks and support the bearish view.
“We are looking for a move lower towards 0.6575 and then targets near 0.6430 and the 0.6235 year to date low further out,” Barclays finished.
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