The following are the intraday outlooks for EUR/USD, USD/CAD, AUD/USD, and Spot Gold as provided by the technical strategy team at SEB Group.
EUR/USD: If it’s a correction it ends here. A Sell Signal. The buyers continued to be in control also yesterday pushing prices up close to the 1.15 handle. With 1.1476 achieved also the ideal target point for a three wave upside correction (from the early Sept low point), a-b-c, has been fulfilled. So if the past month and a half is a corrective climb, well then it should end right here and now. For today we are keeping a close eye on 1.1461 as its break kicks off an hourly sell signal and confirming an hourly RSI bear divergence.
USD/CAD: Targeting 1.2860. The fast falling (Fibo-adjusted) “Tenkan-Sen” acts as dynamic resistance. The low and bearish looking session close yesterday points to target a late Jul low of 1.2860, after which a weekly bullish benchmark candle mid-body point at 1.2819 would come into play. Current intraday stretches are located at 1.2850 & 1.3045.
AUD/USD: Broad USD weakness lifts the pair. The recent bearish print sounded a false alarm it seems. Broad and notable near-term dollar weakness shines through in most crosses and this is no exception. With confirmed strong support near 0.72, expect an extension through 0.7382 towards 0.7428\40 in mind next.
Spot Gold: Targeting 1,192\98 next. The short-term bullish drive is still on and the high session close yesterday points towards extension to test attraction/resistance at 1,192\98 and farther out a prior 1,206 ref. Mid-body support at 1,176 is followed by several support pockets in the 1,170/1,147-zone.
‘This content has been provided under specific arrangement with eFXnews.’