The following are the intraday outlooks for EUR/USD, EUR/GBP, AUD/USD, and Oil as provided by the technical strategy team at SEB Group.
EUR/USD: Erratic moves. Minutes before NFP the pair 30 pips to 1.0975 only to lose 100 pips just afterwards and then again returning to the high 1.09’s. Not easy to get the waves in place in such an environment. Short term it looks like the latest climb is incomplete with an hourly bull flag waiting to be exited. So look for a move up to or just above 1.10 and then probably a downturn.
EUR/GBP: Caution breaking 0.7098. The potential inverse head and shoulders bottom is now close to getting its confirmation. A break above the neckline and a 0.7098 resistance seems to imminent. A move higher is also underpinned by the fact that the BOE GBP index last week printed a fairly bearish candle indicating that sterling strength possible is fading.
AUD/USD: 2 nd leg higher. With buyers around the mid body point of the Aug04 rising benchmark candle a second leg higher within this correction took place. The current up-phase, the c-wave, should primarily be aiming at the 0.75-area in order to complete a common three wave correction.
BRENT CRUDE: Breaking lower. The exhaustive signs (downside spikes) shown Wed and Thu were on Friday overruled with the market this time following up the break lower with also a low close. Prices will now likely fall down to 48.10 or even 46-ish before a new attempt to correct higher will take place.
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