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Intraday Outlooks For EUR/USD, EUR/JPY, USD/CAD, NZD/USD – SEB

The following are the intraday outlooks for EUR/USD, EUR/JPY, USD/CAD, and NZD/USD as provided by the technical strategy team at SEB Group.

EUR/USD: Flag ceiling basically met. The pair did the anticipated up and down move. The rejection from the upper boundary does now indicate that a new attempt to exit the flag to the downside should be seen next week.

EURUSD

EUR/JPY: Looking to sell the 135.72+ move. Even though the ideal correction target, 135.68, has been reached the hourly wave pattern (a triangle created since the Oct 5 top) suggests that there will be one final move higher in order to complete the bounce from the late Sept low, 133.18. We are therefore seeking a false upside break, an up-thrust top, in order to end the correction. A false break above 135.72 should therefore be the start of a new round of weakness thought to take prices down below 133.18.

EURJPY

USD/CAD: Heading next for the low 1.28’s. It clearly seems like the bearish key week reversal candle from last week (from the broad longer term target range) is attracting follow through selling this week. Underpinned by rising commodity prices, oil in particular, the pair is seen next to challenge the important 1.28 support.

USDCAD

NZD/USD: Bid but also short-term stretched. The kiwi has become short-term steaming hot and the paced move higher challenge refs at 0.6708\39, but a lot of good fuel is already burned to get here and the stretch should take its toll once those are tested. But any correction lower should be short & shallow while dynamic support at 0.6555/460 ought to attract responsive buying. Current intraday stretches are located at 0.6585 & 0.6720.

NZDUSD

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