The following are the intraday outlooks for EUR/USD, AUD/USD, EUR/GBP, and Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Still waiting for the 1.0921 break. Another step lower was taken yesterday but selling didn’t become impulsive enough to take out the 1.0921 support. For today we expect a continued slide and a possible break of the primary support point, the barrier to a move sub 1.0893.
AUD/USD: Spring bottom induced buying. The bullish spring bottom, a clear divergence of lately between the AUD and iron ore prices and today’s decision from RBA to leave rates unchanged are all factors underpinning the upside correction we’ve been warning for. A primary target will be for the pair to recheck the recent break of the 2001 trend line and a secondary target will be the 0.75 area from where the latest round of selling were unleashed.
EUR/GBP: Another low is coming. Given the strong rejections from the bearishly sloped 55d ma band downside forces are still at play. As such we expect prices to fall down to a marginally new low, probably around the 2012/2015 estimated support line, 0.6915.
BRENT CRUDE: Where to pencil in the target? Firstly it was apparently clearly premature yesterday calling for a short pause (before heading lower) as an impulsive decline brought prices sharply lower. Secondly, where should we be looking for a potential more profound rebound? Well the next support of any importance should be an estimated support line from 2009 which currently runs at $46 (followed by the January low at $45.19).
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