The following are the intraday outlooks for EUR/USD, GBP/USD, and USD/CAD as provided by the technical strategy team at SEB Group.
EUR/USD: Some loss of momentum noted…with RSIs diverging to the move lower in the pair. It could just be a fling or the prelude to a short & shallow correction higher, possibly to recheck the descending 8day ‘Tenkan Sen” line, now at 1.0705 before selling resumes again. Firmly below trendline support at 1.0575/65 would instead leave 1.05/04 exposed again.
GBP/USD: Look for a 1.5027 low. A three-wave advance likely peaked at the low end of the “Cloud” since its “B-wave low” was convincingly broken yesterday. This points to and through a recent 1.5027 low and onwards to trendline support, now at 1.4985 – and if not stopping there, the short-term “Equality point” at 1.4865 is an alternative. Current intraday stretches are located at 1.5025 & 1.5250.
USD/CAD: No like above 1.34. Yesterday’s rally turned on a dime and the long upper “Shadow” and accompanying low session close must be considered strong warning signals that the Sep high of 1.3457 lies out of reach. If the market also starts to like it below the still ascending 8day “Tenkan-Sen” (1.3340), the risk of return to supports at 1.3247/25 would fast increase. Current intraday stretches are located at 1.3255 & 1.3460.
‘This content has been provided under specific arrangement with eFXnews