JPY and GBP make strong gains against AUD and NZD

GBP/AUD is testing weekly resistance at 1.6180, EUR/AUD is eyeing our 1.38 target and AUD/JPY has broken below 38.2% support at 95.50.

  • GBP/USD: Sticking with my long position here, support should now develop near 1.5370 and the target is recent highs at 1.5600.
  • AUD/USD: I’m still running a small long from yesterday at .9600 but this is the wrong position; hoping to exit on any intraday rallies. Talk of barrier protection at .9500 might support on the session.
  • USD/JPY: Still small short here and I think this pair shows potential for a big downside cleanout.
  • CHF: Is gaining strength alongside the Yen and best left alone in my opinion.
  • The EUR and the USD are bit players in these big cross moves.
  1. Morning Sean! About CHF, where do you see the retracement in USDCHF ending? And how about EURCHF long here? After all, the downside is limited. Although last time it did spend 3 months bleeding lower before rising again.

  2. No bounce Jasper is always the dead give away, so more downside to come. How far can they fall? I’d only be guessing but obv eur/chf is limited like yu say and USD/CHF depends on what happens in USD/JPY in s/t

  3. Hi Sean,

    You’re looking for rallies to exit your AUDUSD positions. Do you still believe the Aussie will bounce back and find a better entry point? Or you will go short as soon as you exit your buy positions?

  4. Hi Megan. I think NZD/JPY will be main focus with downward pressure continuing. So I expect NZD to stay soft in s/t against pretty much all other majors

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