The following are the intraday outlooks for EUR/USD, GBP/USD, USD/CAD, and EUR/JPY as provided by the technical strategy team at SEB Group.
EUR/USD: Bears are happier below 1.1329. A near-term bearish impulse may or may have not yet started. If holding from breaking back over 1.1329 and instead extending the drop below the near-term “Equality point” at 1.1240 we believe in the former. Current intraday stretches (shouldn’t really become tested ahead of Fed) are located at 1.1200 & 1.1370.
GBP/USD: A “Wave-2 top”in place? In the dailies it looks like a perfect hit with multiple bearish prints just below dynamic resistance at the high end of the 21day exponentially weighted moving average band and under the Fibo-adjusted “Kijun-Sen” line. In the hourlies there is still one marginally higher high missing to make it look as perfect but if breaking below 1.5320, one have to live with it and set focus back on the 1.5170/64 support again.
USD/CAD: Make or break: As shown yesterday there’s huge bearish divergence between prices and indicators such as MACD indicating that we are close to an end the current up phase. However as long as we’re within the rising wedge/formation one more high cannot be ruled out. The room to maneuver is becoming increasingly narrow so we’re clearly coming closer to either a break higher (and a new high (and a selling opportunity)) Or an exit lower and the end to the rise and beginning of a profound setback.
EUR/JPY: A tie breaker is needed Today. Buyers responded at support to the intraday attempt lower yesterday. With the 21-. 55-. & 233day exponentially weighted moving average bands coalesced in a very tight interval (135.07\136.85) a convincing tie breaker outside those are needed to indicate which will be tested first. 132.24 (favored by the backdrop downtrend) or 139.00 (a dark horse to the medium-term techs).
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