The following are the intraday outlooks for EUR/USD, AUD/USD, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: Sellers at dynamic resistance. The ascending pivot line; earlier support now resistance the Fibo-adjusted ‘Kijun-Sen’ attracted some selling yesterday. A near-term sellers’ initiative below local refs 1.1283 & 1.1254 is needed to add credence to it being a more lasting top. Current intraday stretches are located a 1.1235 & 1.1405.
AUD/USD: Will 0.72 resistance cap gains? The aussie was a standout winner in an otherwise quiet session yesterday. When viewing the move through the dailies, it looks like the market wants to try resistance around the 0.72-handle, but in the hourlies it looks like much good momentum is lost. A good guess is that bulls try to mobilize once more, but fail to retain the initiative above resistance. To fully conclude that a correctional high is in place, 0.6947 has to be lost.
USD/CAD: Not much left to advance. With the pair currently in the midst of the broad target range and with a clear MACD divergence there shouln’t be much left of this rally. As long as staying in the channel/wedge there’s of course potential for one more into the 1.34’s but both the wave pattern and the divergence wans of a possible profound setback to follow.
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