The following are the intraday outlooks for EUR/USD, GBP/USD, USD/CAD and AUD/NZD as provided by the technical strategy team at SEB Group.
EUR/USD: Took an alternate path. When the dust settled after the volatile Friday it seems like that we instead of creating a bear triangle have been creating a bear flag. The expected outcome will however remain the same, a test of the March trend line.
GBP/USD: Creating a selling opportunity. The move and close above 1.5181 on Friday has kicked off a minor reaction higher. The primary (secondary is the weekly mid body point at 1.5347) target for this bounce is the high 1.52’s (1.5290 to be precisely). The correction is creating a selling opportunity as the wave build-up still favors falling prices going forward. The BOE GBP index printed another bearish candle and ending the week below its key support.
USD/CAD: Cutting through supports like nothing. Price action has become grim to late longs who must be screaming towards the exit signs – especially so with a notably bearish print in place in the weeklies. A short & shallow rebound may materialize, but it’s not really necessary since despite of the momentous push lower, the intradailies are nevertheless not at a stretch (currently at 1.3070). A later test of supports at 3.3013 & 1.2952 seems increasingly likely now.
AUD/NZD: Down at key support: We have now come down testing the upper end of the 1.0915 – 1.0895 key support zone. With hourly divergences now starting to appear we wouldn’t be surprised to see the cross bounce back a figure to a figure and a half before making way through the key support (if breaking 1.0895 it is however likely that we will continue down to the low 1.08’s before rebounding). Resistance 1.0951 1.0968 1.1004 1.1035 Support 1.0910 1.0895 1.0805 1.0765 (2) i ii Log .1234 1,5100 1,5200 1,5300 1,5400 1,5500 1,5600 1,5700 1,5800 17 24 31 07 14 21 28 05 12 augusti 2015 september 2015 oktober 2015.
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