The following are the intraday outlooks for EUR/USD, EUR/JPY, USD/CAD, and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: Still looks like a corrective climb. Little has changed since yesterday with the pair still in a corrective mode. A small three wave attempt lower yesterday hints of an uncompleted upside correction so look for an initial move higher (1.0960?) before turning lower. To flip a bearish outlook for the coming weeks to a bullish one demands a break above 1.1115.
EUR/JPY: A bear triangle? The rather erratic moves of lately seems possible to be forming a bear triangle (with the upper boundary also capped by the 55/233d ma bands). If that’s the case then a downturn should be imminent as wave e should stall anytime now between current levels and the high of wave c, 137.35. Certainly worth keeping an eye at given that such a development will be the start of the third wave, a very impulsive move lower.
USD/CAD: Probably not yet completed. There’s clearly a bit of a struggle attracting additional buying in the broad key resistance zone (and with exhaustive commodity selling signs). The short term wave pattern however suggests that there’s at least one more high to be put in place before a possible more profound reaction will be due.
GOLD: Bear triangle ready to give way. The past weeks consolidation (in a bear triangle) is now coming close to a downside break. A break of 1081 should shave off approximately $28 from the price setting a primary target in the 1053-area.
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